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Banks urged to improve credit operations on Lunar New Year occasion
The Governor of the State Bank of Vietnam (SBV) issued on December 31, 2008 Instruction No.06/2008/CT-NHNN, urging credit institutions to improve their credit operations in service of production and the people’s livelihood especially on the occasion of the Lunar Year of the Buffalo.
This Instruction aims at implementing Resolution No.30/2008/NQ-CP of the Government dated December 11, 2008 on urgent measures to prevent economic downturn, maintain economic growth and ensure social protection, and Instruction No. 35/2008/CT-TTg of the Prime Minister dated December 9, 2008 on measures to promote production and business, commodity distribution and market stability on the occasion of the Lunar New Year of the Buffalo.
The Governor’s newly issued Instruction includes 7 key points as follows :
+ To continue closely watching the development and forecasting the impact of the global financial crisis and economic recession on the domestic economy, monetary market and banking operations in order to proactively take measures against possible risks in compliance with Instruction No.05/2008/CT-NHNN of the SBV Governor dated October 9, 2008 on measures to maintain prudent and efficient operations of credit institutions;
+ To implement synchronized solutions of mobilizing financial resources, to adjust the structure and maturities of mobilized funds in line with the credit structure and maturities, to ensure safe and sound operations and to timely meet all payment requirements, especially on the occasion of the Lunar New Year of the Buffalo;
+ To conduct effective credit operations in compliance with law; to offer reasonable lending interest rates to those enterprises and households in face of productive and business difficulties; to solve problems faced by those customers in getting access to bank loans or their problematic loans; to assess credit operations in 2008 in order to make proper plans on the scope, structure and pace of credit extension in 2009 in line with their mobilizing capacity and structure under the directives and objectives of credit extension set by the SBV to meet credit demand for the economy in 2009; and to closely control the credit quality.
To timely develop and implement the specific credit plans right from the beginning of 2009, to allocate adequate financial resources and offer proper interest rates in line with their client-prioritized policy vis-a-vis agriculture and rural development, exporters, small and medium enterprises (SMEs), consumer commodity producers, import-substitution producers and domestic material users, and job creators.
To reschedule, in compliance with Decision No. 783/2005 of the SBV Governor dated May 31, 2005, all the overdue loans for those farmer households in face of losses caused by natural disasters and those enterprises with difficulties in selling their products as a result of the global financial crisis; to continue extending new loans for the feasible projects; and to coordinate with the Vietnam Development Bank to provide guaranty and loans to SMEs.
+ To extend loans to those enterprises involved in production, reservation and trading of commodities to meet the domestic market demand and the consumer requirements, especially essential commodities, on the occasion of the Lunar New Year.
+ The Vietnam Bank for Social Policies should develop the fund mobilization plan in line with the existing mechanisms and make recommendations to the relevant authorities to obtain other additional financial resources to further meet the loan demand of poor households, students and other policy beneficiaries; and to revise professional regulations and lending procedures so as to facilitate the policy beneficiaries to timely get their needed loans.
+ To enhance internal control, to manage liquidity and to comply with the SBV regulations on prudent ratios in operations and on making and using risk provisions; to revise and improve all internal procedures on credit operations, money and foreign exchange trading, settlements, money transfers and information technology application in line with law; and to assess potential risks in each professional procedure to cope without delay with these risks.
+ To speed up the implementation of the projects of banking technology modernization to enhance governance, to centralize settlements at the head offices and to connect the entire system electronically; and to pay attention to improving banking services and conveniences for customers.
+ To make timely provision and to ensure the accuracy of all information and reports in line with the SBV regulations.
The Instruction concludes that in implementing the tasks of socio-economic development in 2009, the Vietnamese economy will be able to maintain its growth in spite of difficulties resulting from the adverse impact of the global financial crisis and economic recession.
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