Deputy Prime Minister: Further action will be taken against two more zero-capital banks.

Participating in the question-and-answer session with the Governor of the State Bank of Vietnam on the afternoon of November 11th, Deputy Prime Minister Ho Duc Phoc assessed that monetary and fiscal policies are the driving forces of economic development. Conversely, whether the economy grows or declines will directly affect credit institutions and the state budget.

According to the Deputy Prime Minister , the management of monetary and fiscal policies in the past period has been very reasonable. Monetary policy has been managed promptly, accurately, and effectively; while fiscal policy has been implemented in an expansionary and rational manner, resulting in good outcomes.

The evidence is that in four years, we exceeded our budget revenue by approximately 1 trillion VND, with each year surpassing the previous one. We also reduced taxes for businesses and individuals by nearly 800,000 billion VND. At the same time, we maintained the exchange rate between the USD and VND.

"Besides that, we have dealt with two zero-capital banks and are preparing to deal with two more zero-capital banks to stabilize the system and serve the economy very well," he emphasized.

Deputy Prime Minister and Minister of Finance Ho Duc Phoc (on the right).

He also added that this year our GDP reached nearly 7%, CPI was 3.88%, and public debt was 37%. Budget revenue as of today (November 11th) reached 99.4% of the target set by the National Assembly. This represents a 17.78% increase compared to the same period last year, with state budget revenue increasing by 255,216 billion VND. “ We expect to exceed budget revenue by at least 300,000 billion VND this year compared to last year, creating additional resources for the economy and investing in infrastructure such as highways and other infrastructure projects .”

Amend Decree 24 to facilitate the import of raw gold.

According to the Deputy Prime Minister, the import, export, and trading of gold were regulated by Decree 24, dated April 3, 2012. However, recognizing that the actual management situation was changing, the Government directed the amendment of this decree. "Currently, the State Bank of Vietnam has implemented the amendment of Decree 24, especially regarding import and export, in the direction of preferential tax treatment to promote domestic production and facilitate the import of raw materials for manufacturing. And when selling, it will create conditions for the export of jewelry ," the Deputy Prime Minister informed.

Regarding the management of the gold market, Mr. Phớc stated that, according to Government Decree No. 123 dated October 9, 2020, and Circular No. 78 dated May 2, 2023, the Ministry of Finance has regularly directed tax authorities, and from last year to this year, has issued five documents to guide tax declaration and payment. As a result, managing invoices for gold-selling businesses has not presented any difficulties or obstacles.

Recently, market management authorities temporarily suspended a gold trading unit that could not prove the source of its raw materials. The source of the raw materials could be inherited from ancestors or previously stored without proper verification. " We only take action when we discover that the gold is smuggled; if we cannot prove that the gold is smuggled, we have no right to take action against the gold shops ," he said.

In the coming period, buying and selling must be conducted legally and transparently. At the same time, information technology will be applied to manage gold companies and shops, and to combat gold smuggling. “ Gold is not a measure of currency, but it is still a precious metal and remains a safe haven for idle money, so we will strictly manage this area ,” he emphasized.

Loan solutions to support those without collateral.

Also at the questioning session, Governor of the State Bank of Vietnam Nguyen Thi Hong stated that, under the decisive direction of the Government, immediately after Typhoon No. 3 (Yagi) passed, 35 credit institutions registered credit packages with a total value of VND 405,000 billion for new loans and interest rate reductions. Of this amount, approximately VND 300,000 billion was allocated for new loans.

The granting of new loans to customers affected by the storm when they no longer have collateral is entirely within the authority of the credit institution, based on the credit institution's cooperation with the customer.

The Governor of the State Bank of Vietnam requested that People's Committees at all levels closely coordinate to connect banks, businesses, and the public to provide more information for credit institutions to make independent decisions in these cases. For business plans with bad debt risks, credit institutions should also use professional methods to handle them in accordance with current laws.

"The fact that credit institutions are offering support packages shows that the banking sector is very ready to implement solutions to alleviate difficulties for businesses and people after the recent storm," Governor Nguyen Thi Hong said.

Video: Deputy Prime Minister Ho Duc Phuoc answers questions

Cong Hieu

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