Central bank promotes consumer lending

The State Bank of Vietnam (SBV) has requested credit institutions and branches of foreign banks to boost consumer lending. (Photo: VNA)

Hanoi (VNA) – The State Bank of Vietnam (SBV) has requested creditinstitutions and branches of foreign banks to boost consumer lending as part ofefforts to prevent loan sharks who have targeted vulnerable people.

In its document, the central bank said that the move aims at carrying out thePrime Minister’s dispatch on enhancing measures to prevent and handle “blackcredit” activities.

Accordingly, credit institutions and foreign banks’ branches are ordered to proactivelybalance capital resources, and diversify credit products, making them suitablewith different groups of customers.

Besides, the central bank said that it is necessary to bolster digitaltransformation, step up the application of science and technology to shortenthe time of the settlement of loan applications, and simplify lendingprocedures for customers.

Along with accessing the national population database to check and authenticatecustomer information to ensure effective and safe lending, the financialinstitutions are asked to promote communications work to raise public awarenessof the lending activities, credit offerings, and measures to get access to theproducts./.

VNA