Gov’t asks for reduction of interest rate gap

The Government has given the State Bank of Vietnam the task to narrow the gap between deposit and lending rates, in order to achieve a credit growth of 12 percent.

According to the Government’s latest resolution, the central bank was also requested to steer capital flow to priority fields in order to facilitate business operations, help low-income groups to purchase social housing, and actively tame inflation.

It was asked to drastically implement the project on restructuring credit organisations in the 2011-2015 period and quickly finalise management mechanisms to put the Vietnam Asset Management Company into operation soon.

The State Bank will have to coordinate with the Ministries of Planning and Investment, Finance to promulgate detailed regulations on prevention of transfer pricing by foreign-funded enterprises to secure an equal business environment.

The Government also ordered speeding up the process of economic restructuring and equitisation of State-owned enterprises.

vietnamnet

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