The Government issues the Resolution to support clients borrowing

On April 23, 2023, the Government issues the Resolution No. 59/NQ-CP on solutions to support clients borrowing for personal consumption purposes.

In accordance with the Resolution, the Government agrees to the proposal of the State Bank of Vietnam on solutions to support customers borrowing for personal consumption purposes.

Within that, the State Bank of Vietnam shall, according to its assigned functions, tasks, and powers, urgently consider, decide and promulgate the Circular guiding credit institutions to implement them, ensure suitability, rigor, feasibility, efficiency, publicity, transparency, compliance with the law and safety of the system of credit institutions.

At the same time, strengthen inspection, control, and supervision of the implementation of the policies in accordance with the law to limit risks, and prevent self-seeking, loss, or violation of the law.
 

The Resolution 59/NQ-CP takes effect on April 23, 2023.

In accordance with Thanh Nien newspaper at the meeting on April 22, 2023, the Prime Minister requires the State Bank of Vietnam to finish the draft Circular on restructuring debts, debt forbearance, debt relief, not transfer debt group with the direction to expand the subjects and extend the application time.

Regards to the draft on amending the Circulars prescribing the purchase of corporate bonds of credit institutions and branches of foreign banks, the Prime Minister requires to create favorable conditions for credit institutions in investment and loan for corporate bonds in order to increase supply, liquidity, and market development in the safe and efficient bases.

The State Bank of Vietnam shall direct banks to lower suitable interest rates to support enterprises and people. At the same time, urgently submit plans to restructure the weak credit institution, especially the case of SCB Bank.