Banks are also being instructed to rigorously inspect loans involving real estate collateral.

Credit packages with advantageous interest rates have been introduced to help businesses expand operations and enhance innovation and competitiveness, Deputy Governor of the State Bank of Vietnam (SBV) Dao Minh Tu has said.

Many banks have launched suitable credit packages, particularly consumer and social housing loans for low-income and disadvantaged groups.

Prime Minister Pham Minh Chinh on November 26 ordered the continuation of developing the domestic market and boosting consumption in the remainder of the year.

Vietnam’s 2024 economic growth target of 6.5% is challenging, with weak consumption demand and exchange rate risks, so signals a pressing need for hastening energy transition towards a green economy, a conference to launch the Vietnam Annual Economic Report 2024 heard.

Since the beginning of the year, numerous banks have launched attractive credit packages with low interest rates, some even as low as 0% per year, easing the financial burden for customers seeking additional capital, particularly during the time leading up to Tet (Lunar New Year holiday).

Through credit packages with preferential interest rates, and products and services customised to each customer group’s needs, banks focus on helping enterprises access capital to restore production and business.

A series of different scenarios and measures to support businesses and people in the northern coastal province of Quang Ninh in the case of a prolonged COVID-19 pandemic were proposed at meeting in the locality on April 21.

The Binh Duong Water – Environment JSC (Biwase) and the Vietnam Joint Stock Commercial Bank for Industry and Trade (Vietinbank) signed a comprehensive credit cooperation pact in the southern province of Binh Duong on August 20.

More than 773,000 out of over 1 million firms in the country, or 73.4 percent, are unable to access credit, it was reported at a conference on promoting access to credit held by the National Credit Information Centre (CIC) in Ho Chi Minh City on June 18.

The National Credit Information Centre of Vietnam (CIC) and the State Bank of Vietnam (SBV) has officially launched a portal connecting borrowers and credit institutions.

Credit packages with preferential interest rates offered to small and medium enterprises (SMEs) in Ho Chi Minh City contributed largely to the city’s economic growth of 8.3 percent in 2018, heard a conference held in the city on April 18. ​

The bank – enterprise connection programme enabled around 22,000 businesses in HCM City to borrow over 280 trillion VND (12.5 billion USD) from banks last year.

Experts have welcomed a shift in credit policy for hi-tech agriculture to include farmers and enterprises instead of focusing on hi-tech agricultural parks.

The central province of Quang Tri has allocated 9 billion VND (405,000 USD) and 800 tonnes of rice to local fishermen affected by the recent mass fish deaths.

The International Finance Corporation (IFC), a member of the World Bank Group, rolls out a handbook to develop credit packages for farmers and enterprises in Vietnam.