Banking transactions at BAOVIET Bank. The State Bank of Việt Nam has asked banks and credit institutions to develop credit products and banking services specifically for consumer lending. — VNA/VNS Photo Trần Việt

The State Bank of Vietnam (SBV) has issued a document requesting banks and credit institutions apply measures to boost consumption and spending.

The document follows Directive 29 issued by the Prime Minister on August 27, which focuses on stimulating consumer demand, supporting production and business, and developing the domestic market.

SBV asked credit institutions to continue implementing safe and effective credit growth solutions, as well as directing credit towards production and business sectors, priority areas and growth drivers.

Lenders are also urged to research and develop credit products and banking services specifically for consumer lending, and to enhance loans for consumer needs.

They should also maintain stable deposit interest rates, accelerate the implementation of lending through electronic and online forms and use digital tools to simplify loan processes and procedures.

SBV also requested that credit institutions proactively implement preferential credit programmes and policies, especially those that support social housing projects for low-income individuals and industrial workers.

Credit institutions are also encouraged to actively restructure debt repayment terms and maintain debt groups for customers facing difficulties, as specified in the State Bank’s Circular 02 from 2023.

They should also proactively review and assess the quality of credit grants and business operations, along with customers' repayment capabilities, to consider offering alternative solutions for customers and ensure that State policies reach the right people and businesses in a timely manner.

Lenders are also asked to continue implementing tasks and solutions in accordance with government plans to develop digital banking through 2030, and further improve the national population database. — VNS