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Conferences on credit operations and implementation of PM’s Decision No.131
The State Bank of Vietnam (SBV) convened two conferences on credit operations and the implementation of Decision No.131/QĐ-TTg of the Prime Minister dated January 23, 2009 in Ho Chi Minh City and Hanoi on February 4-5 respectively. The conferences were chaired by Governor Nguyen Van Giau.
Addressing the conferences, the Governor affirmed that the Government’s policy of interest rate assistance aims at assisting the bank clients to have adequate working capital to maintain their business and production so as to reduce the production cost of commodities and create new jobs against the negative impact of the global financial crisis and economic recession. This policy is part of the Government’s stimulus package in Resolution No. 30/2008/NQ-CP dated December 11, 2008 and Resolution No. 01/NQ-CP dated January 9, 2009, the Governor said.
Under Decision No.131, those short-term loan contracts with aim of helping the borrowers obtain working capital to maintain business and production, which are signed and disbursed from February 1, 2009 to December 31, 2009, will get the interest rate assistance of 4% points p.a. for the maximum duration of 8 months. The deduction of supporting interest rate will be made on the interest payment date. The deducted amount is calculated on the outstanding amount and the practical maturities of loans contracted in 2009 as mentioned above. The State Bank of Vietnam (SBV) will reimburse the deducted interest amount to the credit institutions on the basis of their quarterly reports.
After listening to the discussion by the representatives of credit institutions on Decision No. 131/QĐ-TTg of the Prime Minister and Circular No. 02/2009/TT-NHNN, the Governor instructed commercial banks to promptly promulgate detailed regulations to implement the PM’s Decision strictly, effectively, fairly and legally, thereby contributing to sharing the burden of difficulties with the whole nation while heightening the soundness and reputation of the banking system. Additionally, he emphasized that internal control should be a key task of credit institutions in 2009.
In conclusion, Mr. Giau highly appreciated the consensus of all the delegates for the Government’s policy. He also promised to seriously take all the comments and suggestions raised by delegates at the conferences.
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