Gov’t requires SBV to further slash loan interest rate this year

The Government has required the State Bank of Vietnam (SBV) to continue cutting loan interest rate by 0.5 percent from now until the end of this year.

The Government has required SBV to reduce loan interest rate by an extra of 0.5 percent this year (Photo: SGGP)

The Government has required SBV to reduce loan interest rate by an extra of 0.5 percent this year (Photo: SGGP)

According to the resolution of August regular cabinet meeting issued on Monday, the Government asked SBV to proactively and flexibly run monetary policies to suit macroeconomics, inflation and monetary market changes.
This year, credit growth rate should approximate 21 percent to boost production and trading and inspections should be intensified to strictly handle credit  violations and ensure the system’s safety.
Ministers and chairmen of provincial people’s committees should focus on solving difficulties and creating advantageous conditions for businesses to develop and obtain the year's economic growth rate of 6.7 percent.
The Government say that taxes and fees will not be increased this year to facilitate production and trading.
The Ministry of Agriculture and Rural Development has been assigned to focus on implementation of solutions to ensure 3.05 percent growth rate and $33-34 billion agricultural export value. The Ministry of Culture, Sports and Tourism should get the target of 13 million international visitors.
Relevant ministries and agencies should keep a close eye on prices of necessary goods and public services, have a roadmap to make suitable adjustments to limit sudden impacts on consumer price index and ensure norms assigned by the National Assembly.
The Ministry of Education and Training should prevent over-collection from occurring or students from dropping out of school because of tuition fee shortage.
The Government asked the Ministry of Transport to crack down on violations in BOT (Build-Operate-Transfer) projects; review the investment project of North-South Expressway to efficiently use state capital, ensure transparency and harmonize benefits among the State businesses, investors and residents.
The Ministry of Health has been urged to rectify state management in medicines, work with relevant agencies to investigate and handle organizations and individuals for breaking regulations, intensify medicine price management to cut it down by 10-15 percent in 2017.

By LAM NGUYEN – Translated by Hai Mien

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