The 2% interest rate support package has the lowest disbursement rate

The Ministry of Planning and Investment has just consulted ministries and branches on a draft report to the National Assembly on the implementation of Resolution No. 43/2022/QH15. In the draft report, the Ministry of Planning and Investment said that up to now, several support policies have expired or used up all allocated resources, which are tax exemption and reduction policies. , fees, policies to support rent for employees, and preferential loan policies to support job creation through the Bank for Social Policies, but there is still a need for additional resources. Despite the great efforts, the implementation results are still limit ed such as the 2% interest rate support policy is arranged at 40,000 billion VND. The total tax exemption and reduction implemented under the program's policies is 54,129 billion VND, equaling 84.6% of the plan (64,000 billion VND). Currently, the policy has expired.

At the same time, the Bank for Social Policies disbursed preferential credit policies by the end of March 2023, reaching VND 16,400 billion to nearly 332 thousand borrowers, reaching 42.7% of the total policy scale assigned by the National Assembly (VND 38,400 billion). In addition, the loan policy for job creation has disbursed VND 10,000 billion, reaching 100% of the plan.

Notably, for the interest rate support package of 2%/year, up to VND 40 trillion (through the system of commercial banks for some important industries and fields, businesses, cooperatives, households) businesses that can repay and recover), the amount of interest rate support for loans of businesses, cooperatives and business households is only about 330 billion VND, equivalent to 0.83% of the source of income for policy implementation (40,000 billion VND). Therefore, it is expected that by the end of 2023, only about 2,570 billion VND will be disbursed, and about 37,430 billion VND will not be used up (it will be 15,900 billion VND in 2022, 21,530 billion VND in 2023).

According to the Ministry of Planning and Investment, about 67% of customers in industries and fields receive interest rate support and are eligible for benefits but do not need interest rate support. In some cases, customers have been supported with interest rates but have actively refunded the entire amount to commercial banks. On the other hand, about 87% of customers belong to industries and fields that receive interest rate support but do not meet the conditions for interest rate support. The implementation of the policy to support 2% interest rates for businesses, cooperatives, and business households has achieved very low results.

In the context of many difficulties, businesses always expect support and facilitation from local authorities. Photo: H.Diu

Fear makes disbursement slow

Explaining the cause of this problem, the Ministry of Planning and Investment said there are two main reasons for the above difficulties and problems. Specifically, customers are afraid (especially businesses) because they have to comply with the requirements of competent authorities in the case of interest rate support (monitoring records, documents, complying with comply with post-inspection, inspection, audit and inspection procedures of competent state agencies). At the same time, customers are worried that the case of being determined by a competent state agency to withdraw the interest rate support amount will be difficult to handle because the interest rate support amount has been accounted for in businesses' profits and distributed dividends to shareholders.

Besides, it is also difficult to identify customers who are "recoverable" according to the provisions of Resolution No.43. Even though customers can repay their debts, they cannot confirm that they can recover (usually expressed through quantitative criteria such as increased revenue/volume/profit or qualitative criteria such as business developments and trends). In case customers receive interest rate support, but the production and business situation declines, affecting the above criteria makes commercial banks and customers afraid of being assessed by inspection agencies for policy profiteering.

Regarding problems when implementing the program, the Ministry of Planning and Investment pointed out that all levels and branches in some places have not paid due attention and fully understood the importance of the program; have not actively promoted the implementation of support policies under its management; has not done well the work of information and propaganda so that people can properly understand the policy. A part of the cadres is afraid of making policy implementation mistakes. The order and procedures for implementing and disbursing several policies are still complicated, spanning many steps. Local authorities also create additional procedures leading to depression, no longer the needs of beneficiaries. Some ministries and central and local agencies have not been close and drastic in completing investment procedures for projects under the program, leading to time delays and delays.

Some support policies have expired and have great resources, but the implementation results are limit ed and unsatisfactory, affecting the program's effectiveness. Accordingly, the Ministry of Planning and Investment proposed to research, and have mechanisms and policies to adjust resources flexibly. In addition, improve the efficiency of forecasting, identify beneficiaries, and keep abreast of reality.