Addressing a cabinet meeting, PM Chinh requested the State Bank of Vietnam, the Ministry of Finance and the Ministry of Construction to effectively implement issued documents and settle legal obstacles for the three markets and supervise the implementation process.

PM Pham Minh Chinh speaks at the meeting.

Specifically, they were requested to support the financial market, guide and supervise the implementation of relevant policies among credit institutions, ensure safety of the system, and avoid risks of law violations, while applying interest rate reductions to increase the capital access and absorption capacity of people and businesses.

For the corporate bond market, it is crucial to design tools, methods and measures to provide necessary conditions for bond issuers to pay bondholders in accordance with the law, said the PM.

Regarding the real estate market, the PM underlined the need to give capital assistance to businesses to complete works and projects to bring more products to the market. Alongside, it is necessary to reform administrative procedures, he said, asking real estate firms to restructure market segments and make full use of the 120-trillion-VND (5.10 billion USD) support package for social housing and housing for workers.

The Government leader ordered State-owned commercial banks to guide the financial market and support economic development through the reduction of interest rates.

He pledged that the Government will be responsible of maintaining macro-economic stability, controlling inflation, promoting growth and ensuring major economic balances, while applying proper fiscal and monetary policies.

PM Chinh also assigned specific tasks to particular ministries and sectors to continue cutting administrative procedures, completing planning design, settling obstacles in land, and speeding up public investment disbursements.

He also asked for the adjustments of the 2% interest rate support policy and the consideration of the reduction and extension of taxes and fees, as well as the finalising of a report on impact assessments and plans to apply the global minimum tax.

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Source: VNA