13 petitions from voters sent to new Governor Le Minh Hung

Voters proposed to replace the material of paper money because paper money (denominations of 10,000 VND, 20,000 VND, 50,000 VND, 100,000 VND) issued by the State Bank of Vietnam is of low quality and has a short lifespan in circulation.

In the document collecting voters’ opinions and petitions sent to the 11th session of the 13th National Assembly, compiled by the Petition Committee, there are 13 petitions related to the State Bank. Accordingly, the person who will sign the document responding to these petitions will be the new Governor of the State Bank of Vietnam (SBV) Le Minh Hung.

On April 9, 2016, with a majority of votes in favor, Mr. Le Minh Hung was approved by the 13th National Assembly to hold the position of Governor of the State Bank of Vietnam.

In particular, voters reflect that currently domestic enterprises cannot compete with FDI enterprises. Because these enterprises are always superior to domestic enterprises in terms of management capacity, capital and policy incentives for foreign investors. Besides, FDI enterprises always have an advantage thanks to the low interest rates in other countries (only fluctuating between 3-5%/year).

State Bank Headquarters.

Meanwhile, domestic bank interest rates for production and business enterprises always fluctuate at high levels, from 7-10%; export enterprises must borrow in Vietnamese Dong at high interest rates.

According to voters' recommendations, some sectors are currently investing inefficiently, such as agriculture, especially livestock farming, so banks are gradually withdrawing capital from this sector, causing more difficulties for businesses and reducing the competitiveness of domestic businesses. Therefore, voters recommend that the banking sector pay attention to timely support policies, creating conditions for businesses to access loans with appropriate interest rates.

In another petition, voters proposed a social housing loan interest rate of 3% - 3.5% to match the common income of social housing beneficiaries; proposed a grace period of 3 years for borrowers not to have to pay interest; suggested a minimum social housing loan term of 20 years would be more reasonable.

Voters suggested that the preferential credit package of 30,000 billion VND has actively contributed to solving inventory and bad debts in the real estate market, creating conditions for low-income people to access housing, and is an important factor helping the real estate market recover. Up to now, about 60% has been disbursed, and according to Circular 11/2013/TT-NHNN of the State Bank, the disbursement will end on May 31, 2016. Therefore, voters recommended that the State Bank and the Ministry of Construction continue to disburse until the end of this preferential credit package to support low-income people to build houses.

Voters believe that in order to continue effectively implementing preferential credit policies for the poor who benefit from the two national target programs for the period 2016 - 2020, the State Bank needs to consider amending the loan approval process, loan amounts and loan terms in the direction of reducing approval procedures at the commune level, using unsecured loans, combined with a mechanism for community self-monitoring each other; loan amounts and loan terms should be consistent with the purpose of capital use.

Voters proposed to replace the material of paper money because paper money (denominations of 10,000 VND, 20,000 VND, 50,000 VND, 100,000 VND) issued by the State Bank of Vietnam is of low quality and has a short lifespan in circulation.

Voters suggested that it is necessary to further strengthen the supervision of the banking and credit system so that people can feel secure when transacting and doing business.

Voters recommend that the State Bank have policies to help businesses access capital, reduce lending interest rates, especially for medium-term loans. However, it must simultaneously reduce unnecessary procedures to help businesses access capital.

Voters expressed their dissatisfaction with the situation of many cases of embezzlement, corruption, and irresponsibility at the Agricultural and Rural Development Banks in many provinces and cities, causing serious consequences and large losses of State and people's assets. Voters said that this consequence occurred mainly due to the loose management mechanism of the State for this banking system. Voters suggested that the State Bank should review current regulations to increase the effectiveness of management of this bank.

Voters reported that newly escaped poverty households need loans but cannot access credit sources according to Decision No. 28/2015/QD-TTg of the Prime Minister. They requested the State Bank to inspect and direct the Social Policy Bank to properly implement the State's policies.

It is recommended to continue to have solutions to implement Decree No. 67/2014/ND-CP of the Government because in reality there are still many difficulties such as cumbersome procedures, difficulty in accessing loans from credit institutions, especially for wooden shipbuilding, people have to contribute 30%...

According to Dan Tri