Permanent Deputy Governor of the SBV Dao Minh Tu made the remarks at an SBV press conference on the management of monetary policy and banking activities, held in Hanoi on June 21.
Following Government Resolution No. 01/NQ-CP on the main tasks and solutions needed to implement the socio-economic development plan and the State Budget estimates for 2021, the SBV has flexibly operated its monetary policy instruments and maintained system liquidity, helping stabilise the market and restore economic growth amid the unpredictable impacts of the COVID-19 pandemic, Tu said.
Deposit and lending interest rates in April 2021 decreased by about 0.3% compared to December 2020 in order to meet market movements and to reduce costs for enterprises. By mid-June, the total credit growth of the economy had expanded by 5.1% compared to the end of 2020 (2.26%).
In particular, the SBV issued Circular No.03/2021/TT-NHNN on the rescheduling of debt payment periods and on exemptions for and the reduction of interest rates and fees for customers affected by the COVID-19 pandemic.
By May 31, credit institutions had rescheduled debt payment deadlines for more than 257,600 customers with total outstanding loans of over VND336.6 trillion (US$14.6 billion) and exempted and reduced interest rates for 676,690 customers with total outstanding loans of VND1.27 quadrillion (US$55.6 billion).
In the first four months of 2021, electronic payments via the Internet, mobile phones, and QR Code achieved remarkable results, attracting a large number of customers.
Transactions via internet channels in the first four months of this year rose by 65.9% in quantity and 31.2% in value while transactions via mobile phone increased by 86.3% in quantity and 123.1% in value, while transactions via QR Code channel surged by 95.7% in quantity and 181.5% in value compared to the same period in 2020.
Deputy Governor Tu said that the SBV will continue to operate its monetary policy in a proactive and flexible manner in the near future in close coordination with fiscal policy and other macroeconomic policies in order to curb inflation, maintain macroeconomic stability and facilitate a quick economic recovery.
