Thematic oversight of the execution of monetary and credit policies and legislation from the period of 2018 - 2022

On March 7, the Supervisory Delegation of the Provincial National Assembly Delegation, led by Mr. Bui Minh Chau - Member of the Party“s Central Committee, Secretary of the Provincial Party Committee, Chairman of the Provincial People”s Council, Head of the Provincial Delegation of National Assembly Deputies - paid a thematic monitoring session in the province on the implementation of policies and laws on monetary and credit activities from 2018 to 2022.

Secretary Bui Minh Chau and the Supervisory Delegation visited Cosmos 1 Technologies Co., Ltd, Thuy Van Industrial Park, Viet Tri City, to assess the production and commercial environment, as well as access to credit financing.

Between 2018 and 2022, total mobilized capital will exceed VND77,600 billion, an average annual increase of 17.8%; total outstanding loans will exceed VND92,500 billion, an average annual increase of 17.9%; and bad debt of the banking system is VND381 billion, accounting for 0.41% of total outstanding loans in the area under the control of banks and credit institutions. Banks and financial institutions will cut lending interest rates by 1-1.9% every year in order to alleviate problems for businesses and individuals impacted by the COVID-19 epidemic. The entire value of debt that banks have modified the payback period, exempted, lowered interest, and retained the same loan group as of June 30, 2022 is over VND3,520 billion, with 1,553 clients.

At the conclusion of the monitoring session, Secretary Bui Minh Chau gave a speech.

After hearing the report, the Supervisory Delegation urged the banks to explain the following points: Access to concessional loans for individuals and enterprises; banking activity inspection and supervision; credit safety for individuals" credit funds; management, risk management, inspection, and internal control at banks and credit institutions, etc.

Mr. Dinh Cong Thuc, Chairman of the Provincial Party Committee“s Inspection Committee and Head of the Province People”s Council"s Economic - Budget Department, addressed the problem of banking inspection and supervision.

Speaking at the monitoring session, Secretary Bui Minh Chau urged the banking sector to implement synchronous solutions to ensure the safe and healthy operation of the money market and banking, as well as transparent and long-term operations; to continue closely following the direction of the National Assembly, the Government, and the State Bank of Vietnam, while also making recommendations and proposals to adjust to the actual situation in the process of implementing policies, e.g. The provincial branch of the State Bank of Vietnam is responsible for leading, monitoring, and supervising banks and credit institutions in the implementation of monetary and credit solutions, with a focus on production and commercial fields, priority regions, and so on. To begin, create conditions for people and businesses with genuine and legitimate needs to access capital, thereby contributing to the reduction of black credit; strengthen banking sector inspection, supervision, prevention, combat, and prevention of law violations; and strengthen management and operation of people“s credit funds. Execute properly the communication work on procedures, policies, and operational solutions of the State Bank, as well as problems of public concern relating to currency and banking operations, so that people may understand and approach the State Bank”s policies.

Heads of the State Bank of Vietnam"s provincial branches report on the execution of monetary and credit policies and legislation in the province.

Earlier, the Supervisory Delegation visited Cosmos 1 Technologies Co., Ltd, Thuy Van Industrial Park, Viet Tri City, to assess the state of production and commercial operations, as well as access to credit financing. The firm employs approximately 1,400 people, with an average monthly salary of more than VND11 million; revenue in 2022 is expected to reach about VND1,200 billion, with nearly VND19 billion paid to the state budget. The banking sector assists and supports the firm in its loan application. The Company"s outstanding loan is currently worth more than VND200 billion.

Nguyen hue