The Minister of Construction, Minister of Science and Technology, Minister of Health, Minister of Transport, and Deputy Ministers of various ministries attended. On the Ho Chi Minh side was Nguyen Van Neng, a member of the Politburo and secretary of the Ho Chi Minh Party Committee. Mr. Phan Van My, member of the Central Committee of the Party, Deputy Executive Secretary of the Party Committee of Ho Chi Minh City, Chairman of the People’s Committee of Ho Chi Minh City. Deputy secretary of HCMC party committee, and representatives of departments and institutions.
At the meeting, HCMC People’s Committee Chairman U Phan Van Mai proposed to the Prime Minister 10 key issues, including the extension of credit lines and the situation of corporate bonds.
Regarding credit and credit limits, Pham Thanh Ha, deputy governor of the State Bank of Vietnam (SBV), said credit growth this year was higher than in the same period last year. Over the past 11 months, the credit growth rate is about 12%, the credit balance is about VND10.7 trillion, and the loan is about 1.7-1.8 times that figure. This year’s credit balance is estimated at about VND12,000 trillion and loan balance is estimated at about VND2,000 trillion. Ho Chi Minh City alone accounts for about 27-28% of the country’s total population.
To date, the credit system has grown by about 12%. Today, some banks still have room to grow, so the SBV will continue to regulate, review, and limit credit in the remaining months of the year to ensure the supply of capital to the economy while expanding lending. I am requesting a price adjustment.
As for financial institutions investing in corporate bonds, an SBV representative said financial institutions and banks are making their own decisions as there are currently no bans or restrictions in the SBV. The investment or purchase of corporate bonds is regulated by the SBV as an extension of credit, so the process must comply with the credit process.
Regarding corporate bonds, Prime Minister Pham Myint Chin suggested that the SBV should strengthen inspections and checks to detect problems and prevent banks and companies from issuing corporate bonds in a chaotic manner. You can’t blame the lack of laws.
“All problematic corporate bonds are the result of disorderly issuance. There are two bodies that govern the issuance of government bonds: the Ministry of Finance and the SBV,” he stressed.
According to the Prime Minister, from a state management perspective, the Ministry of Finance and the SBV should be responsible for checking whether banking operations comply with policies. If no tools are available, the unit will have to design a management tool and submit it to the competent authorities for approval.
Commenting on the socio-economic development of Ho Chi Minh City, Nguyen Ngoc Canh, Deputy Chairman of the State Capital Management Commission, said that the Commission will cooperate with the Ministry of Transport and the Ho Chi Minh City People’s Committee to develop Can Gio International Transit Container Port. He said he was working on research and construction. According to him, the port, with its long coastline and many competitive advantages, will not develop unless it is included in the international port network.
In addition, Nguyen Ngoc Cang also suggested that the Ministry of Transport should cooperate with Ho Chi Minh City to research and build an international sea passenger port at Nha Long Wharf to develop tourism and shipping. According to him, these two ports will contribute to increasing budget revenues and socio-economic development of the region.