Credit supply sees two-fold rise hinh anh 1Illustrative image (Source: VNA)
Hanoi (VNA) – Total credit supply in 2022 reached over 11 quadrillion VND (474.3 billion USD) as of May 20, up 7.66 percent compared to that at the end of 2021 and doubling the figure recorded in the same time last year, according to Deputy Governor of the State Bank of Vietnam (SBV) Dao Minh Tu.

At a virtual conference of the banking sector on May 27, Tu said that right from the beginning of this year, the SBV has guided credit flow towards the production and business sectors as well as prioritised areas, while tightly controlling credit in risky areas.

Particularly, a growth of over 8 percent was seen in credit for sectors facing difficulties such as tourism and hotel, while a 7.6 percent increase was recorded in industrial sectors and supporting industries.

The SBV Deputy Governor said that as of the end of April, over 695 trillion VND of loans had been given to more than 1.1 million customers.

Thanks to the strong credit growth, many banks have almost reached the credit quota they were granted at the beginning of the year.

A research by SSI Securities Company showed that an unprecedentedly high credit growth rate has been recorded in State-owned banks (up 6.4 percent since the beginning of the year), which is a positive sign of economic recovery.

Therefore, banks will be granted more credit room to facilitate loan expansion. Meanwhile, banks involving in the restructuring of weak credit institutions such as Vietcombank and MB will have the opportunity to grow at a very high level.

This year, the SBV targets a credit growth of 14 percent./.