The high increase in medium and long-term lending helped firms meet their long-term investment demands.—VNA/VNS Photo Tran Viet

HA NOI (Biz Hub)— Lending this year rose only 8.8 per cent against the end of 2012, and lower than the 12 per cent growth target set by the State Bank of Viet Nam.

Speaking at a press conference in Ha Noi yesterday, SBV deputy governor Nguyen Dong Tien said these numbers remained optimistic, since lending in Vietnamese dong increased significantly, while lending in US dollar declined, as targeted by the central bank.

Additionally, the high increase in medium and long-term lending helped firms meet their long-term investment demands, Tien said, adding that this year's lending was largely demanded by those in the production and businesses sectors, especially priority industries, where lending to agriculture and rural development rose 24.51 per cent and support industries was up 10.84 per cent.

Tien said that though the central bank set a yearly credit growth target, it could also make adjustments to ensure the quality of credit and avoid rising bad debts.

Previously, SBV Governor Nguyen Van Binh, at November's National Assembly meeting, said he expected that credit growth this year would meet the 12 per cent annual target, explaining that lending often sharply surged in the final quarter. — VNS