The Prime Minister asked for increased effort to achieve the credit growth rate target at 15 per cent for the full year to meet the capital demand for the economy. — VNA/VNS Photo Tuấn Anh

Prime Minister Phạm Minh Chính signed an official dispatch on Wednesday requesting the State Bank of Việt Nam (SBV) to enhance credit management in the remaining months of this year to accelerate lending for production and business.

Official Dispatch No 122/CĐ-TTg pointed out that credit access remains difficult, while non-performing loans keep increasing amid complex global developments, persistent military conflicts, slow and uneven global economic recovery along with the impact of natural disasters and climate change.

In the domestic market, businesses face numerous difficulties, especially from the heavy damage caused by Typhoon Yagi in early September.

The PM asked the SBV to keep a close watch on international developments, especially changes in major economies' financial and monetary policies, so that responses are prompt.

He also requested proactive efforts to implement monetary policy flexibly and effectively and combine it with a reasonable expansionary fiscal policy and other macroeconomic policies.

The aim is to support people and businesses in quickly recovering from the consequences of Typhoon Yagi, to promote economic growth associated with macroeconomic stability, control inflation and ensure a balanced economy as well as the safe operation of the banking system.

The PM asked for increased efforts to achieve a credit growth rate target of 15 per cent for the year to meet capital demand and to make it easier for people and businesses to access credit.

Notaby, the PM asked for further efforts to reduce lending rates.

Credit institutions must focus on providing lending to production, business and prioritised sectors as well as sectors that create new momentum for growth, including the digital transformation, green transition, climate change adaptation, circular economy, sharing economy and science and technology.

Preferential credit packages must be implemented quickly and with transparency and efficiency.

On the same day, the SBV issued a document asking commercial banks to keep deposit rates stable and make efforts to further reduce lending rates.

The document was issued after several commercial banks started to raise deposit rates in early November.

Previously, the SBV issued a circular that took effect on November 20 prohibiting credit institutions from offering promotional incentives in cash, interest or other forms to attract deposits. This aims to prevent banks from paying higher-than-listed deposit rates through promotions.

The rate for deposits lasting less than one month is capped at 0.5 per cent per year, and for terms of 1-6 months at 4.75 per cent per year. — VNS