Prime Minister Nguyen Tan Dung said the banking system should be a major force in fighting the economic downturn, maintaining production and exports, and ensuring social security.

He asked the central bank to smooth out payment procedures in order to facilitate businesses’ access to capital resources.

The prime minister instructed the Finance Ministry to issue government bonds in foreign currency on the domestic market to raise money for investment in key projects and to help balance the country’s budget deficit.

He urged ministries and agencies to implement tariff reductions and exemptions for enterprises. He also asked them to work harder to disburse investment capital and improve market management and import-export mechanisms.

Commercial banks reported to the prime minister on the implementation of interest rate subsidy, which aims to help enterprises maintain production and export activities.

In January alone, total loans to SMEs increased by 20 percent.

Commercial banks proposed extending the duration of the interest rate subsidization and expanding its range of beneficiaries.

Source: VNA