PM instructs central bank to issue circulars to support businesses

Prime Minister Pham Minh Chinh has asked the State Bank of Vietnam (SBV), the Ministry of Finance, and the Ministry of Justice to review and step up the issuance of two important circulars related to the banking and finance sector.

They are a draft circular on debt restructuring and rescheduling and keeping debt groups unchanged, and a draft circular amending and supplementing several provisions in Circular No. 16/2021/TT-NHNN on the purchase and sale of corporate bonds by credit institutions and foreign bank branches.

Prime Minister Chinh also instructed the SBV to continue directing commercial banks to reduce interest rates appropriately in support of individuals and businesses, and promptly complete the tasks assigned in a government resolution on solutions to remove difficulties and promote the safe, healthy, and sustainable development of the real estate market.

The SBV was urged to quickly submit a plan to restructure weak credit institutions, especially the Saigon Joint Stock Commercial Bank, work closely with the Ministry of Construction to effectively roll out the VND120 trillion ($5.2 billion) credit package for social housing and accommodation for workers, and soon complete the drafting of a revised Law on Credit Organizations to tackle existing obstacles.