Efforts to Support Local Socioeconomic Recovery

Recently, the State Bank of Vietnam (SBV) - Can Tho City Branch has effectively implemented many solutions to support credit, and reduce interest rates to remove difficulties for production and business, thereby, helping to control inflation and support economic recovery.

To implement the direction of the SBV, the SBV Can Tho has directed local credit institutions to support and remove difficulties for customers affected by the COVID-19 pandemic. The branch focuses on debt restructuring solutions, loan interest exemption and reduction, and offering businesses support to overcome difficulties to restore production after the pandemic.

The total debt value that had been restructured and exempted and reduced interest from March 13 2020 to the end of June 2022 was about VND5,300 billion for more than 5,000 customers. The accumulated new loan sales from January 23, 2020 to the end of June 2022 reached VND98 trillion; new loan balance was VND23 trillion for more than 8,000 debit customers.

In addition, in order to facilitate businesses to access loans, the branch has promoted administrative reform, simplified procedures, and shortened the loan processing time. The branch has developed and diversified banking products and services to meet the needs of people and businesses; and increased access to capital on the basis of support programs of the Government, relevant ministries and branches.

To promote digital transformation, the branch has advised Can Tho City People's Committee to issue Plan 86/KH-UBND dated April 15, 2022 on the implementation of Prime Minister's Decision 1813/QD-TTg approving the Non-cash Payment Scheme for the 2021- 2025 period in the city. In addition to traditional services, modern payment services and high-tech applications have been applied such as inter-bank electronic payment, bilateral electronic payment of commercial banks, expansion of payments via Visa, Master Card, ATM, online savings, SMS Banking service.

Mr. Tran Quoc Ha, Director of SBV Can Tho, said that in 2022, the branch will continue to operate monetary policy in a flexible manner, creating maximum conditions to support businesses. In operating monetary policy, the branch will closely follow the operation of the SBV, the economic recovery and development program of the Government and the province to realize the goal of supporting local economic recovery. The branch will channel credit into production and business fields, and priority areas, creating favorable conditions for people, businesses and cooperatives to access capital.

Besides, to support the province to attract investment, the SBV Can Tho continues to join the Action Program to improve the business environment, enhance national competitiveness, and support and promote business development.

In addition, the branch will well implement the administrative reform program and improve the methods, working styles, and office culture of civil servants and employees. The branch will also effectively implement the quality management system framework model according to the national standard TCVN ISO 9001:2015.

The branch will promote the expansion of non-cash payment channels; arrange and reasonably develop the ATM and POS network in the city.

In particular, the branch will encourage agencies, businesses and people to use non-cash payment services to pay fees, periodic fees, payments in e-commerce and programs on social security benefits, pension payments, and social insurance benefits.

Source: Vietnam Business Forum