The State Bank of Vietnam (SBV) has required commercial banks to improve and renew the lending process towards simplifying procedures, reducing troublesome procedures but still ensuring loan safety.

SBV offers many solutions to solve problems for businesses. Photo: Huu Linh

In Plan No. 09 / KH-NHNN on contributing to solve difficulties, promote production - business, consumption and accelerating the disbursement of public investment capital of the State Bank, this agency estimated GDP growth from 2.5 - 3% in 2020.

By 2021, domestic and international organizations forecast that Vietnam's economy will recover strongly and belong to the group of countries with high growth rates compared to the region and the world, in the region from 6.3 - 11.2%.

According to the State Bank, Vietnam's GDP growth rate in 2021 will recover again, but the recovery momentum can be in two scenarios:

First, if the disease is controlled in Vietnam and the pandemic pushed back, service activities and goods trade will be quickly restored. Reconnecting the supply chain will help Vietnam grow strongly due to the advantages of early disease control. With this scenario, GDP growth in 2021 is expected to reach 6.5 - 7.5%.

Second, if the pandemic continues to affect economic performance in the first half of 2021. The slow recovery of the world economy will affect the domestic economy due to Vietnam's large openness and participation in the global supply chain. With this scenario, Vietnam's GDP growth in 2021 could reach 5-6%.

On the basis of these scenarios, the State Bank said it will continue to implement tasks and solutions to restore and develop the economy.

Specifically, to continue operating monetary policy proactively, ensuring sufficient and timely provision of credit capital to the economy, support businesses facing difficulties due to the impact of the pandemic; deploying credit solutions to support businesses and people.

Credit institutions must continue to implement Circular 01 of the State Bank of Vietnam on rescheduling debts, exempting or reducing interest and fees, keeping the debt group intact to support customers affected by Covid-19. Commercial banks must continue to improve and revise their lending process towards simplifying procedures, reducingproblems for borrowers while ensuring loan safety.