‘The bank is boldly disbursing to support growth’

At the seminar “Using capital effectively to promote economic growth” on February 28, Deputy Governor Dao Minh Tu said that to support the goal of economic growth from 8-10%, which is a heavy task for the banking industry.

The country’s GDP scale is 12 million billion dong while the credit balance reaches nearly 16 million billion, accounting for 135% of GDP. “From a macro perspective, this is the problem we are worried but still have to try, according to the political determination of the Party, the Government and all levels,” Mr. Tu said.

Currently, the banking industry lends to the economy more than the mobilized balance. That is to mobilize 9 dong but the banking industry lends 10 dong, must use both self -capital and re -issued capital from the State Bank.

The Deputy Governor said that the industry was also very boldly to loosen the targets, in order to facilitate the supply of credit capital to support growth. At the same time, the leader of the State Bank said this year will focus on priority areas, especially with policies that promote strongly for consumer credit.

Regarding lending rates, Mr. Tu assessed that the management agency has operated stably in the past two years, but this is an unstable variable but fluctuating according to capital supply and demand relationship, exchange rate … There are dozens of bank houses in the market and interest rates cannot be absolutely similar, the fact that some small banks have increased interest rates because they need capital to disburse credit.

At the seminar, Mr. Tran Hoang Ngan, Member of the National Assembly, Assistant Secretary of Ho Chi Minh City Party Committee, said that the goal of 8% economic growth could be achieved thanks to the consistency of 3 strategic breakthroughs including institutions, human resources and infrastructure.

Accordingly, airy and intelligent institutions, improving the business investment environment, administrative reforms are convenient for businesses and people. Secondly, Vietnam needs a mechanism to attract high quality human resources. The investment in socio -economic infrastructure should be implemented synchronously. At the same time, Vietnam promotes three traditional growth motivation such as investment, consumption and export.

For fast, sustainable, economic stability, and inflation in macroeconomics, Mr. Ngan also raised recommendations. In particular, the fiscal policy needs to be tight, frequent spending, prioritizing development investment capital but paying attention to public investment efficiency, not investing, unfinished, wasteful … Especially in the current period, it is necessary to focus on taking advantage of public assets, public land to put into use, exploit or auction to have capital for development investment … Debt may have to increase but do not increase public debt.

On the monetary policy, according to Mr. Ngan, it is necessary to flexibly implement according to the goal of growth and inflation. Operating interest rates according to basic inflation to ensure credit quality does not let bad debt tumors return. Money supply and credit growth are controlled, not to increase too high as the period of 2000-2010, which can cause macroeconomic instability.