Business

Credit growth yet to meet target

It is unlikely that the banking sector will reach its 12 percent credit growth target this year, when to date the figure is only 8.5 percent, according to Deputy Governor of the State Bank of Vietnam (SBV) Nguyen Dong Tien.
It is unlikely that the banking sector will reach its 12 percent creditgrowth target this year, when to date the figure is only 8.5 percent,according to Deputy Governor of the State Bank of Vietnam (SBV) NguyenDong Tien.

However, the Deputy Governor said banks havereported sharp credit growth in VND, while lending in foreign currencyhas dropped.

Additionally, mid and long-term credit also sawrapid increases, meeting the economy and businesses’ demand forlong-term investment.

According to the Deputy Governor, theSBV has made certain adjustments in its credit growth policy, to makelending mechanism more flexible while preventing bad debts from rising.

At the National Assembly meeting earlier in November, SBVGovernor Nguyen Van Binh said he expects credit growth to reach 11-12percent in 2013.

Several economists, however, shared the viewthat it will be hard to meet the target, adding that the most importantthing to do now is tackle bad debts and not let new ones develop.-VNA
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