Rollout of 500-trillion-VND credit package for infrastructure, technology firms accelerated
The credit package was initiated by the Prime Minister in late March, following the positive results of the earlier credit package for agriculture, forestry, and fisheries, which was quickly expanded from its initial 15-trillion-VND scale.
Deputy Governor of the State Bank of Vietnam (SBV) Dao Minh Tu speaks at the Government’s monthly regular press conference on May 6. (Photo: VNA)
Hanoi (VNA) – Deputy Governor of the State Bank of Vietnam (SBV) Dao Minh Tu provided further details on the direction, mechanism, and expected timeline of the preferential credit package worth 500 trillion VND (about 20 billion USD) to support businesses investing in infrastructure and digital technology, at the Government’s monthly regular press conference on May 6.
According to Tu, the credit package was initiated by the Prime Minister in late March, following the positive results of the earlier credit package for agriculture, forestry, and fisheries, which was quickly expanded from its initial 15-trillion-VND scale.
This is a clear and strong directive from the Government, reflecting the strategic focus on two key industries considered essential for sustainable economic growth in the coming period, he stressed, adding that achieving double-digit growth will require infrastructure and digital technology investment to lead the way, backed by long-term investment as the foundation for other industries.
In response to the Prime Minister's directive, the SBV has swiftly coordinated with 21 commercial banks, which have fully committed to the 500-trillion-VND package. The minimum preferential loan term will be two years.
Tu revealed that this package will be funded entirely by domestic commercial banks, not from the State budget or foreign sources.
There must be a clear structure and careful planning to 💖ensure the effective allocatio💦n and use of funds, while maintaining the safety of the credit system, he said, noting that coordination with relevant ministries, including the Ministry of Industry and Trade, the Ministry of Construction, and the Ministry of Science and Technology, is needed to clearly identify the sectors, projects, and entities that should benefit from this package./.
At the State Bank of Vietnam (SBV)’s meeting with commercial banks on April 10 to discuss the direction of implementing the credit package, the banks said they will participate in the package to show the proactiveness and determination of the banking sector to support businesses and promote economic growth.
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