Vietnam bankers urge the government to bolster economy

The Vietnam Banks Association (VNBA) has urged the government to appeal to the National Assembly for a resolution to bolster businesses and individuals, mirroring strategies used during the COVID-19 pandemic. With most reserve resources depleted and the capital and real estate markets remaining stagnant, VNBA's general secretary, Nguyen Quoc Hung, suggests a range of measures. These include promoting public investment, streamlining legal procedures for ongoing projects, enhancing the efficiency of existing SME support funds, and decreasing VAT for commercial banks. Hung also proposed allowing state-owned banks to augment their charter capital from profits. Strengthening cybersecurity measures, handling property-related disputes, and creating a legal framework for debt securitisation were other key points of Hung's recommendations.