Credit growth reaches 9.09%

Thursday, Sep 08, 2016 14:44

Lending in the first eight months of the year was mainly focused on production, business and prioritised industries. — Photo

HA NOI – Lending rose by 9.09 per cent till August 23 compared with the end of 2015, the latest report of the State Bank of Viet Nam (SBV) showed.


The report showed that lending during the period was mainly focused on production, business and prioritised industries, which helped boost economic growth.

Outstanding loans (excluding from the Social Policy Bank and the Bank for Development of Viet Nam) to agriculture and rural development projects alone rose 6.64 per cent to VND900 trillion (US$40.17 billion), accounting for 18 per cent of the country's total outstanding loans.

Lending in real estate and other risky industries was strictly controlled during the period.

The central bank also noted that 2016 would be the first year when the monthly rising rate of lending would be relatively equal. In previous years, lending often inched up or even grew negatively in the initial months of the year, before skyrocketing in the latter months.

The central bank targeted a credit growth of 18-20 per cent this year; it, however, said the rate may be adjusted on a flexible basis according to the actual situation, like in 2015.

Late last month, the central bank affirmed that it would closely watch credit growth and direct credit flow into production in the remaining months of this year.

"The central bank will continuously direct credit flow into prioritised sectors, such as agriculture, part-supplies industry and high-technology, while targeting small and medium-sized enterprises and start-ups," SBV governor Le Minh Hung said.

In addition, credit to sectors which were risky would be under tight management, he added. — VNS


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