He asked the central bank to conduct reviews on the results of credit issuance by financial institutes across the country, including commercial banks and credit institutions, to stabilize interest rates and stimulate credit growth in 2024, with an emphasis on the timely and sufficient provision of credit to serve the economy and the safety of the financial system.

An employee counts Vietnamese banknotes at a bank in Hanoi.

The directive says top priorities in 2024 will continue to be reducing interest rates for loans, coupled with enhancing access to credit to support the development of production and business, as well as ensuring sufficient and healthy credit and foreign exchange.

It also emphasizes stronger inspection, control and supervision of credit issuance by credit institutions. This is to ensure a flow of credit, including foreign currency credit, concentrated in priority and important areas and growth drivers of the economy and serving the needs of business.

The issuance of credit outside legal regulations, to inappropriate subjects, and the granting of credit to executives, management boards, and their related individuals as well as shadow businesses at preferential interest rates, will be strictly dealt with.

The central bank has been told to keep interest rates low and increase the application of IT technology, as well as promote social responsibility and business ethics among credit institutions.

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Source: VnExpress