Prime Minister Pham Minh Chinh has signed an Official Dispatch on increasing credit over the final days of 2023, the Government News reported on November 26.

In the Dispatch, sent to the State Bank of Vietnam (SBV), it is stated that in Resolution No. 97/NQ-DP dated July 8, 2023 and Document No. 225/TB-VPCP dated June 15, 2023, the government and the Standing Government Committee requested that the SBV determine necessary reasonable credit growth limits in 2023, and allocate all credit quotas and publicize them in June, 2023, so that credit institutions could proactively expand credit space to the end of the year. The documents also noted that the practice should pay attention to credit for property and production and business activities in order to support the market, contributing to recovering and unleashing capital flows into the economy.

To continue improving the effectiveness of monetary policy tools and credit management and to effectively implement the Prime Minister’s directives to enhance access to credit by individuals and businesses, promote economic growth, maintain macro-economic stability, and ensure the overall balance of the economy, the government leader requested that the central bank learn from the slow credit growth management in 2022, quickly conduct a comprehensive review of credit provision by credit institutions to the economy, sectors, and areas, and the credit provision of each credit institution and commercial bank, to adopt measures to manage credit growth in 2023 in a timely, effective, and feasible manner.

The move must ensure sufficient credit capital for the economy and secure the system of credit institutions, and avoid congestion, obstacles, delays, and untimely disbursement.

The SBV must promptly report to relevant authorities on any issues that go beyond its authority under regulations; take responsibility before the government and the Prime Minister for credit growth management; and report to the Prime Minister on the credit situation and results of implementation before December 1, 2023.

The government leader assigned Deputy Prime Minister Le Minh Khai to monitor, direct, inspect, and urge implementation of the task.