PM asks central bank to continue reviewing disbursement of credit packages

Prime Minister Pham Minh Chinh has asked the State Bank of Vietnam (SBV) to continue reviewing the disbursement of credit packages worth VND40 trillion ($1.7 billion) and VND120 trillion ($5 billion) with more flexible, feasible, and reasonable lending conditions.

This is part of official Dispatch No. 470/CD-TTg signed by the Prime Minister on May 26 requiring that ministries, sectors, and localities continue drastically and effectively implement tasks and solutions to remove difficulties facing production and business.

Prime Minister Chinh requested that the SBV continue reviewing and directing the commercial banking system to cut costs, reduce administrative procedures, and promote innovation to further reduce lending interest rates.

The Ministry of Finance was asked to urgently examine, evaluate, and urge the General Department of Taxation to immediately handle dossiers for VAT refunds by May 28 and effectively implement policies on extensions, exemptions, and reductions of taxes, fees, charges and land rents approved by competent authorities.

He asked ministers, agencies, and the People’s Committees of localities to focus on tasks and solutions that help remove difficulties and obstacles in production and business, and to continue reviewing, inspecting, and cutting unnecessary administrative procedures that increase costs and cause trouble for individuals and businesses.

The Ministry of Industry and Trade, the Ministry of Foreign Affairs, and relevant agencies were asked to effectively implement signed free trade agreements (FTAs) and step up negotiations and the signing of new agreements, commitments, and associations, including FTAs with Israel, the UAE, and the South American trade bloc MERCOSUR, to diversify markets, products, and supply chains for Vietnamese products, especially those with strengths, potential, and advantages.