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STATE BANK OF VIETNAM
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SOCIALIST REPUBLIC OF VIETNAM
Independence - Freedom - Happiness
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No. 01/CT-NHNN

Hanoi, March 1, 2011

 

DIRECTIVE

IMPLEMENTING MONETARY AND BANKING MEASURES FOR INFLATION CONTROL, MICROECONOMIC STABILIZATION AND SOCIAL SECURITY GUARANTEE

In furtherance of the Government's Resolution No. 11/NQ-CP dated February 24, 2011, regarding major measures to strengthening inflation control, macroeconomic stabilization and social security guarantee, the SBV’s Governor requires SBV’s affiliates and credit institutions to carry out the following tasks and measures:

1. In 2011, implementing strict and prudent monetary policies, and ensuring that the credit growth rate is restricted to below 20% while the growth rate in total payment instruments is maintained at about 15% -16%; keeping interest rates and exchange rates at reasonable levels.

2. Credit institutions:

a) Developing and implementing the 2011 business plan in line with the target of credit growth of less than 20%, other monetary and macroeconomic policy administration measures of the Government and the State Bank of Vietnam; strictly complying with the provisions of law on currency, credit, foreign exchange and banking activities. In case where any credit institution wishes to formulate the plan in which the credit growth rate is expected to exceed 20%, it must report to the State Bank of Vietnam for its review and approval on condition that its prudential ratios are met, and impacts on the credit growth rate of the entire credit institution system are taken into consideration.

b) Controlling the credit growth rate, robustly adjusting the structure of credit lines and improving credit quality:

- Assigning business plans to branches and affiliates in line with credit growth rates specified under the Resolution No. 11/NQ-CP .

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- Reducing the speed and proportion of outstanding non-manufacturing loans compared to 2010, especially in such sectors as real estate and securities; as of June 30, 2011, the proportion of outstanding non-manufacturing loans to the maximum total of outstanding loans is expected to reach 22% and, by December 31, 2011, such proportion may reach 16%. In case where credit institutions have not yet met this ratio according to the schedule, the State Bank of Vietnam shall apply the required reserve ratio twice (02) times the general required reserve ratio to them, and take measures to limit the scope of business activities in the last 6 months of 2011 and 2012. By June 30, 2011, if the credit growth rate can exceed the target set under the Resolution No. 11/NQ-CP , the State Bank of Vietnam may apply necessary measures in accordance with provisions of applicable laws to control credit.

- Lending in foreign currency in accordance with the provisions of law, ensuring the capability of recovering loan debts in foreign currencies; restricting grant of loans used for importing goods in the List of non-essential imports and consumer goods not encouraged for import, promulgated by the Ministry of Industry and Trade.

- Mobilizing and lending capital in gold bullions according to the provisions of the Circular No. 22/2010/TT-NHNN dated October 29, 2010; sharply reducing bullion mobilization and lending in accordance with the guidelines of the State Bank of Vietnam to continuing restrictions on gold mobilization and lending by credit institutions in the coming time.

- Saving business costs, applying reasonable loan interest rates; fixing Vietnam-dong and U.S.-dollar deposit interest rates according to the regulations of the State Bank of Vietnam; publicizing deposit and lending interest rates on websites and at branches and transaction offices of credit institutions.

- Fixing the buy and sell rates of exchange between Vietnam dong and US dollar in strict compliance with the provisions of the Governor of the State Bank's Decision No. 230/QD-NHNN dated February 11, 2011 for use within the system of credit institutions; actively perfecting internal regulations and applying necessary risk prevention measures in the foreign currency trading process.

- Carrying out the extending of loans and rescheduling of loan debts, credit classification, making risk provisions and using provisions to deal with credit risks in accordance with provisions of applicable laws. Prohibiting bad debt concealment malpractices, such as lending for repayment of existing outstanding debts; non-writing off of overdue debts but extension of the loan term with respect to those loans doubtful for incapability of repaying debts; transfer from short-term loans to medium-term and long-term loans without regard to eligibility requirements; conversion of the currency of the loan that is not capable of recovering debts; trading of debts in contravention of law provisions; lending for payment of ineffective debts of other credit institutions,…

- Purchasing corporate bonds in accordance with the regulations of the State Bank of Vietnam.

- Closely superintending bad debts that may be incurred; strengthening internal audits on the implementation of the provisions of law and internal rules of credit, detecting and taking timely measures against credit risk.

3. Units at the Head Office of the State Bank of Vietnam shall, according to their functions and duties, counsel the Governor of the State Bank of Vietnam to carry out the goals, objectives in 2011, and measures as follows:

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b) Flexibly regulating refinancing interest rates, open market interest rates, perfecting the mechanism of interest rate management in accordance with the provisions of the 2010 Law on the State Bank of Vietnam; coordinating with other monetary policy instruments to ensure that market interest rates are controlled at reasonable levels and in line with the objectives of curbing inflation.

c) Using part of the money supply according to the 2011 plan to refinance credit institutions that have lending schemes according to the ordinary credit mechanism intended for the agricultural, rural, export areas and supporting industries, small and medium businesses.

d) Managing foreign exchange rates and foreign exchange markets:

- Administering foreign exchange rates in a flexible manner to ensure that they align with market fluctuations and macroeconomic stability goals. Strengthening the management of foreign exchange, taking necessary measures so that organizations and individuals, especially economic groups and State corporations, are encouraged to sell their available foreign currencies to banks and can buy them when their needs for these foreign currencies are reasonable; ensuring foreign currency liquidity, exchange rate stabilization, conformance to business stabilization and development requirements and increase in foreign exchange reserves.

- Implementing measures to reduce the dollarization, gradually shifting the mobilization - lending relationship in domestically available foreign currencies of credit institutions to the foreign currency purchase - sale relationship. Continuing to implement measures on the management and use of foreign currencies, imposing restrictions on lending in foreign currencies, or lending in Vietnam dong for purchase of foreign currencies used for paying for goods in the List of non-essential imports and consumer goods not encouraged for import, issued by the Ministry of Industry and Trade.

- Strictly controlling the gold market; closely monitoring and forecasting any fluctuation of international gold prices and domestic demand – supply; selecting a number of enterprises to act as main gold importers, regulating and stabilizing gold prices, proceeding to eliminate gold bar over-the-counter trades; cooperating with the concerned ministries, sectors and provincial-level People's Committees in examining and sanctioning the act of speculating, keeping abundant inventory of and illegally trading gold and foreign currencies, thus disturbing the market; drafting the Decree on gold management and trading to seek the Government’s ratification and approval.

- Reviewing and promulgating mechanisms for management of capital mobilization activities of foreign credit institutions; and the use of international payment cards by resident cardholders.

dd) Improving the business management mechanisms of credit institutions; amending and supplementing sanctions for violations arising from trading gold bullions and foreign currencies in line with current foreign exchange market situations; strengthening inspection and supervision of credit extension and ensuring credit institutions meet prudential ratios:

- Promulgating, according to their jurisdiction, or making representations to the Government and the Prime Minister for promulgation of, legal documents providing guidance on the provisions of the 2010 Law on Credit Institutions provided that they are in line with international practices and standards.

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- In the first half of 2011, focusing on inspecting the non-manufacturing lending; in the second half of 2011, putting more emphasis on inspection of credit quality and the implementation of prudential ratios for business activities of credit institutions. Carrying out the inspection over activities of debt purchase and sale companies put under the direct control of credit institutions; cooperating with concerned ministries and sectoral administrations in inspecting activities of securities companies directly controlled by credit institutions; imposing strict sanctions for violations that may arise; publicly posting violations to be sanctioned of credit institutions on the website of the State Bank of Vietnam.

e) Perfecting the mechanism and improving the quality of programs on propaganda and communication about monetary and banking policies.

4. SBV’s branches in centrally-affiliated cities and provinces shall, within their respective remit, carry out the following measures:

a) Promptly applying the Resolution No. 11/NQ-CP and this Directive to credit institutions within their ambit; monitoring, pushing and evaluating the compliance of credit institutions with Resolution No. 11/NQ-CP and this Directive, and making recommendations about monetary and banking measures to the SBV’s Governor.

b) Cooperating with local departments, sectoral administrations and trade associations to duly execute propaganda and communication programs about regimes and policies of the Government and the SBV.

c) Developing a plan to implement Resolution No. 11/NQ-CP and this Directive in the provinces and cities with attention paid to the followings:

- Controlling the size, structure and credit growth rate of each local credit institution in accordance with the prioritized objectives under the Resolution No. 11/NQ-CP .

- Cooperating with jurisdictional departments and sectoral administrations in strengthening the inspection, examination and sanctioning of violations arising from foreign currency and gold trading with credit institutions, economic organizations and the population.

- Implementing plans for spot inspections of non-manufacturing lending and credit quality of local credit institutions.

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5. Implementation provisions:

a) This Directive shall enter into force from the signature date.

b) The Office Chief, the Director of the Financial Policy Department, Heads of the State Bank’s affiliates, Directors of State Bank Branches of centrally-affiliated cities and provinces, Governing Boards, Directors General (Directors) of credit institutions shall be responsible for implementing this Circular. In particular, point a of clause 2 and point b of clause 2 regarding the proportion of outstanding non-manufacturing loan debts specified in this Directive shall not be applied to grassroots-level People's Credit Funds.

c) The Office shall preside over and cooperate with the relevant units in inspecting and encouraging the compliance of credit institutions and affiliates of the State Bank of Vietnam with this Directive; every Monday, shall send the general report to the Governor of the State Bank and the Government Office on the implementation of the Resolution No. 11/NQ-CP ./.

 

 

GOVERNOR




Nguyen Van Giau

 

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