Vietnam: Resolution to support consumer borrowers

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Vietnam: Resolution to support consumer borrowers

On April 23, 2023, the Government issued Resolution No. 59/NQ-CP on solutions to support and remove difficulties for consumer loan customers to serve their daily needs.

According to the Resolution, the Government agreed with the proposal of the State Bank on solutions to support and remove difficulties for consumer loan customers, serving their daily needs.

In particular, the State Bank, according to its assigned functions, tasks, and authority, urgently considers, decides, and issues a Circular guiding credit institutions to implement, ensuring appropriateness, rigor, feasibility, publicity, transparency, compliance with the law, and safety of the system of credit institutions.

At the same time, strengthen inspection, inspection, control, and supervision of the implementation of policies in accordance with the law, limit risks, and prevent abuse, profiteering, loss, or violation of the law.

Resolution 59/NQ-CP takes effect from April 23, 2023.

At the meeting on April 22, 2023, the Prime Minister requested the State Bank to continue to finalize the draft Circular related to guiding debt restructuring, debt postponement, debt rescheduling, and not changing debt groups, in the direction of considering opening a wide audience and extend the appropriate application time.

Regarding the draft amendment to the Circular stipulating the purchase and sale of corporate bonds by credit institutions and foreign bank branches, the Prime Minister requested the change towards creating more favorable conditions for credit institutions to invest in order to increase supply, and liquidity and develop the market on a safe and efficient basis.

The State Bank continues to direct banks to lower interest rates appropriately to support people and businesses. At the same time, urgently submit a plan to restructure weak credit institutions.

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