The State Bank of Vietnam (SBV) and credit institutions are set to augment efforts in the coming time so as to promote people and businesses’ access to credit.

The teleconference of the State Bank of Vietnam on June 17 (Photo: VNA)

At a teleconference on June 17, SBV Deputy Governor Dao Minh Tu said administrative reforms have helped people and enterprises access financial – banking information and services in a more transparent and equal manner. By accessing bank loans more easily, production and business activities have been enhanced.

Additionally, the elimination of business conditions has also helped the central bank minimise time and personnel needed to handle administrative procedures, he said, noting the removal of monetary, credit and banking obstacles has also helped the monetary market and banking activities operate more smoothly and created conditions for the SBV to govern the monetary policy more efficiently.

Tu added that to credit institutions, the pressure for administrative reforms and business climate improvement in the monetary – banking sector is momentum for them to improve their operations and speed up the banking system’s restructuring and non-performing loan settlement.

Most of banks have strongly invested in information technology to develop online products and provide many new modern and convenient services for different client segments.

The official said in the time ahead, the SBV will increase IT application in its activities, upgrade the national payment infrastructure to facilitate the development of new payment services, and apply new e-payment technologies like QR code, Tokenization, mobile payment and contactless payment.

Meanwhile, credit institutions are expected to keep improving their financial capacity and continue measures to manage credit quality, reduce non-performing loans and better asset quality.

The Deputy Governor said all administrative procedures of the SBV have been carried out under the ISO 9001:2008 standards, thus ensuring transparency and facilitating organisations and individuals’ monitoring of the administrative procedure handling process.

In 2018, credit institutions actively cut down lending interest rates to support businesses and offered nearly 100 credit programmes and products providing soft loans, including 15 for small- and medium-sized enterprises and startups. They also decreased a number of fees and upgraded their technological systems to meet firms’ e-commerce demand.