Banks asked to facilitate credit access for businesses

The State Bank of Vietnam (SBV) has asked its branches, credit institutions, and branches of foreign banks nationwide to continue to link together and create the necessary conditions for businesses to gain access to credit and report on the results before February 28.

Under a plan issued on February 21, the central bank asked credit institutions and branches to coordinate with Departments of Planning and Investment and other relevant agencies in localities to review businesses’ access to loans to determine why some find it difficult to obtain credit. Results will be reported for discussion at a conference on linking banks with businesses scheduled for this month.

They were ordered to increase transparency relating to credit by publishing information on websites, including on procedures and processes, documents needed, and interest rates, to help customers be fully aware of their obligations and interests.

They were also instructed to set up hotlines to receive and handle complaints and recommendations from people and businesses. Results must be reported to the SBV and publicized on its portal.