There will not be a surge in credit growth from now through year’s end as commercial banks are facing difficulties in mobilising capital, Deputy General Director of Lien Viet Commercial Joint Stock Bank Doan Van Thang has said.

To meet the capital demands of enterprises which often increase at the end of the year, commercial banks, including such big names as Agribank, Vietcombank and Vietinbank have increased deposit interest rates.

The annual three- to six-month term VND deposit interest rates at most banks have risen up to 9.2-9.7 percent, while the 12-month term deposit interest rate for USD reached a peak of 3 percent per year.

Alongside increasing interest rates, many banks launched promotional programmes or issued valuable papers at attractive interest rates. These included an insurance contract or a medical check-up voucher offered for those who use the savings service at VIB bank, or the issuance of bills of exchange or certificates of deposit by LienViet bank and Vietinbank, respectively.

Despite these efforts, banks have only mobilised a small amount of capital. While the second quarter saw a growth rate of 10.65 percent in capital mobilisation, the rate shrank to 4.45 percent in the third quarter and is predicted to fall again to 2.7 percent by the end of the year.

As a result, credit growth was slowed, from 12.45 percent in the second quarter to 7.58 percent in the third quarter, according to experts.

Tight control by the State Bank of Vietnam over credit institutions in order to keep the yearly credit growth rate at 30 percent to prevent inflation will also prevent the market from experiencing a surge.

To ensure capital demand, experts suggest banks settle debts and build plans for better asset management and risk control./.