Vietnam PM Pham calls for better access to credit for firms

Moving forward: An assembly line at a Vinfast factory in Hai Phong. Central bank deputy governor Nam says the management on rates will stablise in time and that when conditions permit, rates can be cut further. — AP

HANOI: Prime Minister Pham Minh Chinh has sent a telegram to the governor of the State Bank of Vietnam, Finance Minister and chairmen of provincial and municipal People’s Committees seeking greater implementation of solutions to increase capital access and the removal obstacles facing production and business.

The move came after the credit growth rate was reported at a disappointingly low 6.29% as of Oct 11, compared to 11.12% in the same period last year and the target of 14% to 15% for the full year.