Prime Minister Pham Minh Chinh speaks at the event (Photo: VNA) Hanoi (VNA) - Prime Minister Pham Minh Chinh held a workingsession with the State Bank of Vietnam (SBV), the Ministry of Finance and the Ministryof Justice on April 22 to review and step up the issuance of two important circularsrelated to the finance-banking sector.
Discussing the draft circular on debt restructuring and rescheduling, and keeping debt groups unchanged, PM Chinh asked the SBV to continue fine-tuning the document in the direction of expanding the coverage of the circular as well as the duration of implementation in an appropriate manner.
At the same time, he required devising tools to monitor and inspect the implementation with a view to raising the responsibility of creditorganisations and ensuring timely, flexible, and effective policy response.
Aboutthe draft circular amending and supplementing several provisions of Circular 16/2021/TT-NHNN on the purchase and sale of corporate bonds by creditinstitutions and foreign bank branches, the PM requested the design of supportmechanisms to enhance market confidence and allow credit institutions toimmediately repurchase corporate bonds. Additionally, favourable conditionsshould be created for credit institutions to invest in and lend corporate bondsto increase the supply, liquidity, and develop the market on a safe and effectivebasis.
At the working session (Photo: VNA)
The Government leader assigned the SBV to continue directingcommercial banks to reduce interest rates appropriately in support of thepeople and businesses, promptly perform tasks assigned in the Government’sResolution on several solutions to remove difficulties and promote the safe,healthy and sustainable development of the real estate market.
The SBV was also urged to early submit a plan to restructure weak creditinstitutions, especially the Saigon Joint Stock Commercial Bank (SCB), work closely with the Ministry of Construction to effectively roll out the 120 trillionVND (5.2 billion USD) credit package for social housing and accommodation forworkers, as well as soon complete the drafting of the revised Law on CreditOrganisations to tackle existing obstacles./.
