Prime Minister Pham Minh Chinh has just signed an Official Dispatch on continuing to resolutely implement solutions to increase access to credit capital, remove difficulties for production and business activities and fulfill the task of collecting the state budget in 2023. The Official Dispatch stated that in recent times, the Government and the Prime Minister have issued many Resolutions and documents directing ministries, agencies and localities to resolutely implement appropriate and effective solutions to improve access to and ability to absorb credit capital of the economy , resolve difficulties and obstacles, and promote socio-economic recovery and development.
Businesses still face many difficulties in accessing credit capital.
However, access to credit capital is still difficult, credit growth is low, reaching only 6.29% as of October 11, 2023, much lower than the same period in 2022 (11.12%) and the direction for the whole year of 2023 (14-15%); state budget revenue in 9 months is estimated to reach 75.5% of the annual estimate. In order to promptly remove difficulties and obstacles, clear and promote resources, improve the economy's ability to access and absorb credit capital, promote growth associated with maintaining macroeconomic stability, strive to achieve the highest goals and targets of the socio-economic development plan and state budget in 2023.
The Prime Minister requested the State Bank of Vietnam to preside over and coordinate with relevant ministries and agencies to continue to thoroughly study, resolutely, effectively and promptly implement the tasks and solutions in Resolution No. 01/NQ-CP dated January 6, 2023 of the Government, Resolutions of regular Government meetings, directives of Government leaders and legal regulations, closely follow market developments to operate monetary policy proactively, flexibly, promptly and effectively, prioritizing promoting growth associated with macroeconomic stability, controlling inflation, ensuring major balances of the economy, safety of the credit institution system; operate monetary policy tools: exchange rates, interest rates, money supply... in a rhythmic, synchronous and effective manner to continue to remove difficulties, meeting the highest possible capital needs of the economy to promote production and business, create jobs and livelihoods for people.
Manage credit growth reasonably and effectively, strive to achieve the highest possible target as set, improve credit quality, direct credit to production and business sectors, priority sectors, growth drivers of the economy, especially investment, consumption, export, control credit for sectors with potential risks. Have policies to encourage credit to feasible projects, enterprises serving growth drivers. Carefully review, study flexible lending procedures and reduce lending interest rates, resolutely and effectively implement the credit program of 120,000 billion VND for lending to investors and home buyers of social housing projects, worker housing, projects to renovate and rebuild old apartments.
Continue to remove difficulties and meet the highest possible capital needs of the economy to promote production and business.
Continue to promote the implementation of the VND 15,000 billion credit package for the forestry and fishery sectors; in which, promote the key role of state-owned commercial banks and the active and creative participation of joint-stock commercial banks. Further promote administrative procedure reform, review and resolutely cut down on administrative procedures that are no longer appropriate, causing waste, inconvenience, and increasing costs for people and businesses. Resolutely, strongly and effectively implement solutions to create favorable conditions for businesses and people to access credit capital, improve the economy's capital absorption capacity, further strengthen the connection between banks and businesses; continue to support and effectively share difficulties with customers, promote the recovery of production and business activities. Guide and create conditions for the Bank for Social Policies to effectively implement preferential credit programs for the poor and other policy beneficiaries.
According to the functions and authority, urgently review and evaluate the implementation of Circular No. 02/2023/TT-NHNN, Circular No. 03/2023/TT-NHNN, Circular No. 06/2023/TT-NHNN and related Circulars and regulatory documents to proactively and promptly review, amend, supplement, and issue new regulatory documents, especially mechanisms and policies that expire in 2023, in order to promptly remove difficulties arising in practice regarding access to capital for people and businesses, purchase and sale of corporate bonds by credit institutions, ensuring synchronization, efficiency, suitability with the actual situation, stabilizing the monetary market, and safety of the credit institution system in accordance with the Government 's resolutions, directions of the Government's leaders and provisions of law.
Continue to direct credit institutions to review and reduce operating costs, simplify procedures and lending conditions, increase the application of information technology, digital transformation to continue reducing lending interest rates, especially the support packages of VND 120,000 billion for social housing and VND 15,000 billion for the forestry and fishery sectors; deploy appropriate credit packages of commercial banks to support people and businesses to overcome difficulties, boost production and business, focusing on priority areas and growth drivers of the economy; promote the spirit, social responsibility and business ethics of the credit institution system, be more proactive and active in participating in implementing policies, promotional programs, socio-economic development plans, hunger eradication and poverty reduction, and ensuring social security.
For the Ministry of Finance, take the lead and coordinate with ministries, agencies and localities to implement a reasonable, focused, key and effective expansionary fiscal policy, coordinate synchronously, closely and harmoniously with monetary policy to promote investment, especially non-state investment, promote public investment to serve growth, stabilize the macro economy, control inflation, and ensure major balances of the economy. Continue to have active and effective measures to increase revenue and reduce expenditure; solutions on tax, fee, charge exemption, reduction and extension to support people and businesses according to the Resolutions of the National Assembly, the Government, and the direction of the Government's leaders. Proactively propose solutions on tax, fee and charge exemption, reduction and extension in 2024, submit to competent authorities for timely consideration and decision. Resolutely implement solutions to strive to collect the state budget in 2023 exceeding the estimate assigned by the National Assembly.
Direct tax and customs authorities to strengthen revenue management, combat revenue loss, smuggling, trade fraud and tax evasion; focus on handling and recovering tax arrears, ensuring correct, full and timely collection; expand the collection base, especially from e-commerce, food and beverage services, night-time economic activities, etc.; strengthen the application of information technology and digital transformation, especially in tax collection from tourism, food and beverage and entertainment services; urge timely collection of receivables according to recommendations of inspection and auditing agencies and competent authorities, step up tax inspection and examination, post-clearance inspection, carry out tax refunds quickly, promptly and in accordance with regulations, ensuring the right subjects and tax policies and laws.
For the People's Committees of provinces and centrally run cities, based on the Resolutions of the Government and the direction of the Prime Minister, to closely coordinate with the State Bank of Vietnam and credit institutions in the area to effectively implement solutions to improve access to credit capital for people and businesses, support businesses to develop production and business, promote the implementation of the credit program of 120,000 billion VND for lending to investors and home buyers of social housing projects, worker housing, projects to renovate and rebuild old apartments, and the credit package of 15,000 billion VND for the forestry and fishery sectors, contributing to economic recovery and growth; further promote administrative procedure reform, digital transformation, and strengthen discipline and administrative discipline in the performance of official duties. Closely coordinate with tax and customs authorities to strengthen the management of state budget revenue, ensure correct, full and timely collection, prevent revenue loss, and handle tax arrears; proactively propose solutions and organize direction and drastic implementation, striving to exceed the state budget revenue estimate for 2023.
Bui Tue
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