SBV implements Decision No. 443 of Prime Minister

The State Bank of Vietnam (SBV) convened a conference in Hanoi on April 9 on the implementation of Decision No.443 of the Prime Minister on interest rate support for VND medium and long-term loans for the business and productive corporate and individual borrowers. The conference was attended by Senior Deputy Governor Tran Minh Tuan, Deputy Governor Nguyen Dong Tien, Deputy Governor Nguyen Toan Thang and several SBV departmental directors and senior leaders of the Vietnam Development Bank and representatives of credit institutions.

Addressing the conference, Director Nguyen Ngoc Bao of the Monetary Policy Department presented the contents of Decision No.443/QD-TTg of the Prime Minister dated April 4th, 2009 and Circular No.05/2009/TT-NHNN dated April 7th, 2009 on guidelines to provide interest rate support for medium and long-term loans to corporate and individual borrowers to invest in new projects of production and business.

For his part, Deputy Governor Nguyen Dong Tien emphasized that interest rate support is a key task and a great honor for the whole banking sector. Being aware of the significance and importance of this task, the whole banking sector is determined to do its best to decisively implement the scheme of the Government. Up to April, disbursement amount of interest rate support program reached over VND 202 trillion, accounting for 32% of the total VND short-term loan outstanding of the economy. The positive outcome of the whole banking sector in support of the economy has been commended by the Political Bureau of the Communist Party of Vietnam and the Government based on the review reports of the achievements of economic targets in 2009.

The Deputy Governor instructed credit institutions to implement the interest rate support scheme in compliance with the Decisions of Prime Minister and the Circulars of the SBV Governor in a prompt and decisive manner. In addition, the Deputy Governor called upon the whole banking sector to closely coordinate with each other in the execution of this scheme. He stated that supervision and inspection need to be promoted in order to do away with all shortcomings as well as to resolve any problem in a timely manner.

(Source: State Bank of Vietnam)