Reduce troublesome procedures but still ensure loan safety

VCN - The State Bank of Vietnam (SBV) has required commercial banks to improve and renew the lending process towards simplifying procedures, reducing troublesome procedures but still ensuring loan safety.
4525-2638-ngan-hang-hlinh
SBV offers many solutions to solve problems for businesses. Photo: Huu Linh

In Plan No. 09 / KH-NHNN on contributing to solve difficulties, promote production - business, consumption and accelerating the disbursement of public investment capital of the State Bank, this agency estimated GDP growth from 2.5 - 3% in 2020.

By 2021, domestic and international organizations forecast that Vietnam's economy will recover strongly and belong to the group of countries with high growth rates compared to the region and the world, in the region from 6.3 - 11.2%.

According to the State Bank, Vietnam's GDP growth rate in 2021 will recover again, but the recovery momentum can be in two scenarios:

First, if the disease is controlled in Vietnam and the pandemic pushed back, service activities and goods trade will be quickly restored. Reconnecting the supply chain will help Vietnam grow strongly due to the advantages of early disease control. With this scenario, GDP growth in 2021 is expected to reach 6.5 - 7.5%.

Second, if the pandemic continues to affect economic performance in the first half of 2021. The slow recovery of the world economy will affect the domestic economy due to Vietnam's large openness and participation in the global supply chain. With this scenario, Vietnam's GDP growth in 2021 could reach 5-6%.

On the basis of these scenarios, the State Bank said it will continue to implement tasks and solutions to restore and develop the economy.

Specifically, to continue operating monetary policy proactively, ensuring sufficient and timely provision of credit capital to the economy, support businesses facing difficulties due to the impact of the pandemic; deploying credit solutions to support businesses and people.

Credit institutions must continue to implement Circular 01 of the State Bank of Vietnam on rescheduling debts, exempting or reducing interest and fees, keeping the debt group intact to support customers affected by Covid-19. Commercial banks must continue to improve and revise their lending process towards simplifying procedures, reducingproblems for borrowers while ensuring loan safety.

By Huong Diu/ Phuong Thao

Related News

Large space for Vietnamese fruit export conquering the world market

Large space for Vietnamese fruit export conquering the world market

VCN - Although there has been very impressive growth in recent times, Vietnam's fruit exports still have large space to continue to create new steps in the future.
The biggest challenges businesses are facing

The biggest challenges businesses are facing

VCN - Orders, cash flow, market information, loan approach... are still the difficulties when the Private Sector Development Research Board (abbreviated as IV Board) surveyed the business situation.
Quang Tri Customs launches online vehicle management application

Quang Tri Customs launches online vehicle management application

VCN - To reduce time and costs for businesses, contributing to the socio-economic development of the province, Quang Tri Customs Department has launched "online vehicle management application at border areas " at Lao Bao and La Lay Border Gate Customs Branches.
Customs processes 5.2 million administrative applications

Customs processes 5.2 million administrative applications

VCN - In the third quarter of 2024, the Customs agency received 5,257,467 administrative applications in the customs sector.

Latest News

Many factors affecting tuna exports in the last months of the year

Many factors affecting tuna exports in the last months of the year

VCN - Tensions between Israel and Iran escalate, tuna businesses are worried, they may have to stop export orders to the Israeli market in the last months of the year.
Vietnam still dominates Philippine rice import

Vietnam still dominates Philippine rice import

Vietnam continues to assert its dominance as the top rice exporter to the Philippines, with 2.91 million tonnes shipped as of the late October, or over 79% of the Philippines' total rice imports, according to the Vietnam Trade Office in the Philippines.
Vietnam cements ties with partners to engage in global semiconductor, AI industries

Vietnam cements ties with partners to engage in global semiconductor, AI industries

By boosting cooperation with reputable partners across the globe, Vietnam is taking steps to gain a foothold in the world’s semiconductor and artificial intelligence (AI) industries.
Aquatic exports expected to rise in year-end despite challenges

Aquatic exports expected to rise in year-end despite challenges

Aquatic exports is expected to surge in the remaining months of this year, as the year-end festive season comes, despite many challenges in the international markets, according to insiders.

More News

Trade Defense: The Key to Success for Vietnamese Businesses

Trade Defense: The Key to Success for Vietnamese Businesses

VCN - From losses and near bankruptcy, many domestic enterprises have recovered thanks to timely application of trade defense measures. Trade defense is also an effective shield for Vietnamese enterprises against a series of lawsuits from importing countries, thereby maintaining advantages and developing on "away grounds".
Lao Cai Customs sees a triple-digit surge in export-import turnover

Lao Cai Customs sees a triple-digit surge in export-import turnover

VCN - Updated from the beginning of the year to October 24, total import and export turnover through Lao Cai Customs Department increased by 102%.
Coconut is expected to become a billion-dollar export item

Coconut is expected to become a billion-dollar export item

VCN - Talking to the press at the ceremony to launch the first train carrying fresh coconuts to China, Mr. Luu Van Phi, Director of the Department of Industry and Trade of Tien Giang province, said that Vietnam's agricultural export potential, especially fresh coconuts, is expanding with the appearance of international railway transportation from Song Than station.
Plastic exporters interested in converting to recycling technology

Plastic exporters interested in converting to recycling technology

VCN - The Vietnamese plastics industry is facing major challenges in terms of plastic waste and recycling needs. Secretary General of the Vietnam Plastics Association Huynh Thi My (pictured) shared important information about the transformation in production of plastics enterprises to meet increasing export demands.
Logistics sector must embrace innovative trends to stay competitive

Logistics sector must embrace innovative trends to stay competitive

The Vietnamese logistics industry must adapt to new trends and enhance infrastructure to remain globally competitive, speakers said at an event in Ho Chi Minh City on October 31.
Vietnam’s agro-forestry-aquatic product exports likely to set new record

Vietnam’s agro-forestry-aquatic product exports likely to set new record

Vietnam’s agro-forestry-aquatic product exports are likely to achieve a record high of 62 billion USD in 2024, said Deputy Minister of Agriculture and Rural Development Phung Duc Tien.
UKVFTA greatly benefits Vietnam-UK trade: Experts

UKVFTA greatly benefits Vietnam-UK trade: Experts

The UK-Vietnam Free Trade Agreement (UKVFTA), signed into law three years ago, has clearly benefited trade cooperation between the two countries, particularly in the context of Vietnam’s exports to most other major markets declining due to geopolitical tensions and headwinds in the global economy, said experts at a conference in Hanoi on October 30.
Agricultural exports likely to exceed 60 billion USD amid challenges

Agricultural exports likely to exceed 60 billion USD amid challenges

With swift production recovery and continued growth, Vietnam's agricultural sector could potentially surpass the 60 billion USD export target, according to the Ministry of Agriculture and Rural Development (MARD).
Vietnam-Philippines trade likely to exceed 8 billion USD for first time

Vietnam-Philippines trade likely to exceed 8 billion USD for first time

With the current rising trend, trade between Vietnam and the Philippines is likely to exceed 8 billion USD for the first time to hit about 8.5 billion USD in 2024, with Vietnam’s surplus of more than 3 billion USD, according to the Vietnamese Trade Office in the Philippines.
Read More

Your care

Latest Most read
Many factors affecting tuna exports in the last months of the year

Many factors affecting tuna exports in the last months of the year

VCN - In recent years, Israel has always been Vietnam's leading tuna export market after the US and the EU. Therefore, the recent escalation of Israel-Iran tensions is affecting Vietnam's tuna exports to this market.
Vietnam still dominates Philippine rice import

Vietnam still dominates Philippine rice import

Vietnam continues to assert its dominance as the top rice exporter to the Philippines, with 2.91 million tonnes shipped as of the late October, or over 79% of the Philippines' total rice imports, according to the Vietnam Trade Office in the Philippines.
Vietnam cements ties with partners to engage in global semiconductor, AI industries

Vietnam cements ties with partners to engage in global semiconductor, AI industries

By boosting cooperation with reputable partners across the globe, Vietnam is taking steps to gain a foothold in the world’s semiconductor and artificial intelligence (AI) industries.
Aquatic exports expected to rise in year-end despite challenges

Aquatic exports expected to rise in year-end despite challenges

Aquatic exports is expected to surge in the remaining months of this year, as the year-end festive season comes, despite many challenges in the international markets, according to insiders.
Trade Defense: The Key to Success for Vietnamese Businesses

Trade Defense: The Key to Success for Vietnamese Businesses

VCN - From losses and near bankruptcy, many domestic enterprises have recovered thanks to timely application of trade defense measures. Trade defense is also an effective shield for Vietnamese enterprises against a series of lawsuits from importing countr
Mobile Version