Illustrative image (Source: VNA) Gia Lai (VNA) – A conference was held in Pleikucity, the Central Highlands province of Gia Lai, on March 8 to launch tasks towardsexpanding credit for production and consumption, thus limiting loan sharking.
Suggested measures include refining the legal framework toboost consumption lending among commercial banks, issuing new credit policies forhouseholds that have recently escaped poverty, and limiting such households’ accessto loan sharks, thus meeting the demand for local socio-economic developmentand consumption.
The banking sector will continue working closely withministries, agencies, localities, and socio-political organisations to raisepublic awareness of Party and State’s guidelines and regulations on creditsupply.
Several opinions held that despite crackdowns, loan sharkingis persistent in poor and ethnic minority areas. They suggested cutting lendingrequirements and handing out stricter punishments for loan sharks.
Secretary of the provincial Party Committee Duong Van Trangsaid that due to limited awareness, people of ethnic minorities here havebecome victims of loan sharking, resulting in home and land loss. Therefore,banking credit supply is important, especially from the Vietnam Bank for SocialPolicies (VBSP).
He suggested issuing bilingual guidelines to raise publicawareness of banking credit.
Governor of the State Bank of Vietnam (SBV) Le Minh Hungsaid that in the near future, the SBV will submit a comprehensive financialstrategy to the Government and the PM to facilitate public access of financialresources, especially those in remote, mountainous, and ethnic minority areas.
He asked banks to promptly refine Circular No.39 and No.43to closely control activities of financial companies and encourage creditorganisations to expand their networks in remote and mountainous areas.
The VBSP was required to increase lending and consider the extensionof debt payments in necessary cases.
As of the late December 2018, the country’s outstandingloans surpassed 7.2 trillion VND (313 million USD), up 13.93 percent. Of this,loans for rural development hit 1.78 trillion VND, up 21.4 percent. In theCentral Highlands alone, deposits increased by 9 percent to nearly 150 trillionVND, meeting 45.56 percent of demand. –VNA
Suggested measures include refining the legal framework toboost consumption lending among commercial banks, issuing new credit policies forhouseholds that have recently escaped poverty, and limiting such households’ accessto loan sharks, thus meeting the demand for local socio-economic developmentand consumption.
The banking sector will continue working closely withministries, agencies, localities, and socio-political organisations to raisepublic awareness of Party and State’s guidelines and regulations on creditsupply.
Several opinions held that despite crackdowns, loan sharkingis persistent in poor and ethnic minority areas. They suggested cutting lendingrequirements and handing out stricter punishments for loan sharks.
Secretary of the provincial Party Committee Duong Van Trangsaid that due to limited awareness, people of ethnic minorities here havebecome victims of loan sharking, resulting in home and land loss. Therefore,banking credit supply is important, especially from the Vietnam Bank for SocialPolicies (VBSP).
He suggested issuing bilingual guidelines to raise publicawareness of banking credit.
Governor of the State Bank of Vietnam (SBV) Le Minh Hungsaid that in the near future, the SBV will submit a comprehensive financialstrategy to the Government and the PM to facilitate public access of financialresources, especially those in remote, mountainous, and ethnic minority areas.
He asked banks to promptly refine Circular No.39 and No.43to closely control activities of financial companies and encourage creditorganisations to expand their networks in remote and mountainous areas.
The VBSP was required to increase lending and consider the extensionof debt payments in necessary cases.
As of the late December 2018, the country’s outstandingloans surpassed 7.2 trillion VND (313 million USD), up 13.93 percent. Of this,loans for rural development hit 1.78 trillion VND, up 21.4 percent. In theCentral Highlands alone, deposits increased by 9 percent to nearly 150 trillionVND, meeting 45.56 percent of demand. –VNA
VNA
