In his opening remarks, SBV Standing Deputy Governor Dao Minh Tu affirmed that this is a period requiring great capital for development investment, to meet the urgent need for rapid economic growth and a double-digit GDP target.
The Prime Minister recently instructed the SBV to develop and implement a preferential credit package worth approximately 500 trillion VND to support science and technology, innovation, and strategic infrastructure.
During the meeting, Tu also reported that the participating banks have pledged sufficient resources to meet the VND 500 trillion target. The credit package will offer a range of incentives, including preferential interest rates and medium- to long-term lending options for qualifying projects.
In practice, bank capital is inherently short-term. Currently, to ensure the safe operation of banking system, the ratio of short-term capital used for medium- and long-term loans is steadily being reduced.
This shift aligns with international standards such as Basel II and Basel III. The revised Law on Credit Institutions also introduces numerous provisions to ensure the safe operation of banks in lending activities.
Thus, the banking sector is ready and willing to implement the 500 trillion VND credit package. However, the SBV Standing Deputy Governor stressed that a number of conditions must be met for the programme to be effectively realised.
Specifically, ministries and sectors must outline clear capital demands for projects in various phases, including funding needs from the state budget and from banks. This will allow the banking sector to proactively prepare financial resources for lending.
In addition, lingering challenges in key sectors such as transport infrastructure, energy, and electricity along with other strategic projects must be resolved with the active coordination of relevant ministries and agencies.
