Prime Minister Pham Minh Chinh has asked the State Bank of Vietnam (SBV) to immediately take measures to continue cutting lending interest rates and enhance access to credit to support businesses and individuals, in a directive signed on March 5 to strengthen the management of credit growth in 2024.

In Directive No. 18/CD-TTg, Prime Minister Chinh asked the SBV to ensure the supply of sufficient credit and foreign exchange to meet capital demand in the economy and ensure the safety of the credit system.

He required that the banking sector make public the average lending interest rates of credit institutions.

The SBV has been instructed to closely monitor the domestic and global economic situation and actively and flexibly manage monetary policies to ensure a timely response.

The central bank is also directed to enhance inspections, examinations, control, and the strict supervision of the use of credit growth quotas by credit institutions. This process aims to ensure that credit is concentrated in priority and key sectors, to serve the development needs of businesses and individuals.

Directive No. 18 strictly prohibits unauthorized lending, especially preferential lending to leadership and relevant individuals at credit institutions. The Prime Minister has also asked the SBV and relevant authorities to implement measures to control inflation and minimize bad debts at weak credit institutions.