Total lending as of April 22 increased 0.62 percent compared to the level at the end of 2013, a representative from the State Bank of Vietnam (SBV) said at a regular press conference in Hanoi on April 25.

SBV Monetary Policy Department Director Nguyen Thi Hong said lending began to increase again in March, backed by the interest cut introduced by the SBV on March 18, which in turn encouraged commercial banks to reduce their lending interest rate, including those for outstanding debts.

According to Hong, towards the goal of a credit growth of 12-14 percent this year, the SBV has allocated credit quotas to each commercial bank while requesting that they actively join in the social housing support package and the rice purchase programme.

Also at the press conference, the SBV Deputy Chief Inspector Dao Quang Tinh announced that the bad debt rate stood at 9.71 percent as of the end of February as a result of debt restructuring under the Government’s Decision 780.

Meanwhile, total means of payment in April rose by 3.93 percent and total deposits went up 3.09 percent compared to the figures at the end of 2013.-VNA