Bankers propose resolution to support firms, people
A Vietcombank transaction office in Hanoi. (Photo: VNA)
The Vietnam Banks Association (VNBA) has suggested the Government submit a request to the National Assembly for a resolution to support firms and people to overcome difficulties and promote business development like they did during the COVID-19 pandemic.
Nguyen Quoc Hung, VNBA’s General Secretary, said firms are facing many difficulties as most of their reserve resources are no longer available while capital and real estate markets are still in gloomy times.
Although the Government and the Prime Minister have proposed solutions to remove difficulties for firms and people, the capital absorption capacity of the economy is still low.
In addition, Hung also proposed the Government direct ministries and sectors to promote public investment and remove difficulties in legal procedures for unfinished projects and social housing projects.
It is also necessary to implement the Law on Supporting Small and Medium Enterprises and improve the role of guarantee funds for small- and medium-sized enterprises. Currently, there are 24 guarantee funds for small- and medium-sized enterprises in 24 provinces and cities, but their operations are not efficient and need to be improved.
The Government should also review and evaluate the effectiveness of the Small- and Medium-sized Enterprise Support Fund under the Ministry of Planning and Investment and supplement its capital in order to support firms that have not yet met the conditions for loans at credit institutions.
Hung also suggested that the Government should reduce VAT for commercial banks to ease them in sharply reducing lending interest rates to support firms.
At the same time, the Government should allow State-owned commercial banks to increase their charter capital from profits in the coming years through the form of paying pidends in shares from profits left after setting up required funds for the 2022-2023 period.
As for relevant ministries and branches, the VNBA’s representative suggested that the Ministry of Public Security closely coordinate with the State Bank of Vietnam, the Ministry of Information and Communications, and other ministries and sectors to strengthen and have solutions to thoroughly handle current cybercrime to ensure security and safety in payment activities.
In particular, it is recommended that the Ministry of Public Security, the Procuracy, and the court study and consider returning exhibits in criminal cases to banks for timely sale and auction in order to limit losses during a seizure.
It is necessary to request the Supreme People's Court to direct courts at all levels to unify the form of handling disputes related to cases where property owners create fake disputes in order to prolong the time of recovering the collateral of credit institutions.
Besides, the Ministry of Finance should cooperate with relevant ministries and sectors to develop a legal framework for the securitization of debts, and issue guidance on the valuation of bad debts through the Vietnam Valuation Standards in accordance with the Pricing Law and form a debt trading market, Hung said.
The General Department of Civil Judgment Execution should review outstanding judgments related to the handling of collateral for bad debt recovery./
Related News
Implementing unprecedented fiscal policies to actively support people and businesses
16:25 | 17/04/2024 Finance
EU firms’ confidence in Vietnam increases again: EuroCham
15:36 | 09/10/2023 Import-Export
Promote administrative procedure reforms and improve the business environment
13:41 | 19/06/2023 Import-Export
Vietnamese food firms attend China’s SIAL Shanghai 2023
15:27 | 19/05/2023 Import-Export
Latest News
Strictly monitor market fluctuations to appropriately adjust prices
14:46 | 27/04/2024 Finance
Closely monitoring market fluctuations to consider appropriate time to adjust prices
09:30 | 26/04/2024 Finance
How does the Land Development Fund work effectively?
09:19 | 26/04/2024 Finance
Vietnam seeks to remove obstacles in upgrade of securities market
13:50 | 25/04/2024 Finance
More News
Price stability from supply increase and transparency in trading in gold market
09:42 | 25/04/2024 Finance
SBV takes more actions to stabilise foreign exchange rates
13:43 | 24/04/2024 Finance
Proposal to exclude criminal liability for tax officials when businesses provide false information to refund VAT
10:35 | 24/04/2024 Finance
Corporate bond maturity in 2024 remains high: MoF
13:51 | 23/04/2024 Finance
Support clearance procedures for imported gold for bidding
09:33 | 23/04/2024 Finance
The exchange rate will gradually cool down from the end of the second quarter of 2024, while interest rates will remain low
09:32 | 23/04/2024 Finance
Majority of credit institutions forecast profit growth in 2024
15:16 | 22/04/2024 Finance
Central bank plans to auction gold bars on April 22
18:00 | 21/04/2024 Finance
Old loans must endure higher interest rates temporarily: central bank
15:44 | 19/04/2024 Finance
Your care
Strictly monitor market fluctuations to appropriately adjust prices
14:46 | 27/04/2024 Finance
Closely monitoring market fluctuations to consider appropriate time to adjust prices
09:30 | 26/04/2024 Finance
How does the Land Development Fund work effectively?
09:19 | 26/04/2024 Finance
Vietnam seeks to remove obstacles in upgrade of securities market
13:50 | 25/04/2024 Finance
Price stability from supply increase and transparency in trading in gold market
09:42 | 25/04/2024 Finance