Vietnam’s macro-economy has been kept on the right track this year thanks to a wide range of flexible credit solutions and proper monetary policies implemented by the State Bank of Vietnam.

The bank reports that by the end of May this year, credit growth had increased by 2.98 percent compared to the same period last year. The credit structure is focused on manufacturing, agriculture and export activities.

Meanwhile, the country’s exchange rates and foreign currency market in the reviewed period have been stabilised with improved liquidity. As of June 12, the average exchange rate at commercial banks was 20,828 VND to 1 USD. Dollarization has also reduced.

To reach the 2013 target, the bank will continue monitoring market developments in the last six months of the year so as to employ monetary policies in a timely and proper manner, controlling inflation while ensuring a stable macro-economy.

The bank is currently coordinating with other ministries and agencies to evaluate domestic business performance, especially the state of product consumption and difficulties in credit access that enterprises are dealing with.

The assessment will serve as a basis for the bank to design and conduct appropriate measures relating to credit and interest rate management for the benefit of local companies.-VNA