Prime Minister Pham Minh Chinh has asked the State Bank of Vietnam (SBV) to continue taking measures to reduce interest rates and focus credit on growth drivers, according to an announcement from the Office of the Government issued on July 31.

The government leader also instructed the central bank to accelerate the disbursement of the VND40 trillion ($1.68 billion) credit package on interest rate support, the VND120 trillion ($5.06 billion) package on the development of social housing, and the VND15 trillion ($630 million) package on support for wood production and seafood industries.

The SBV was required to urgently restructure credit organizations effectively following the master plan on restructuring credit organizations and handling bad debts in the 2021-2025 period.

Prime Minister Chinh requested that the SBV coordinate with the Ministry of Finance to continue taking solutions to develop the corporate bond and stock markets in an effective, healthy, safe, and sustainable manner.

He also ordered the central bank to work with the Ministry of Construction to implement measures to tackle difficulties for the real estate market in line with regulations and actual circumstances to help promote economic growth.