Business

Quality focus lowers 2013 lending: central bank

Lending this year rose only 8.8 percent against that at the end of 2012, and lower than the 12 percent growth target set by the State Bank of Vietnam.
Lending this year rose only 8.8 percent against that at the end of2012, and lower than the 12 percent growth target set by the State Bankof Vietnam.

Speaking at a press conference in Hanoion December 16, SBV deputy governor Nguyen Dong Tien said these numbersremained optimistic, since lending in VND increased significantly whilethat in USD declined, as targeted by the central bank.

Additionally, the high increase in medium- and long-term lendinghelped firms meet their long-term investment demands, Tien said.

He added that this year's lending was largely demanded by those in theproduction and businesses sectors, especially priority industries,where lending to agriculture and rural development rose 24.51 percentand support industries was up 10.84 percent.

Tiensaid that though the central bank set a yearly credit growth target, itcould also make adjustments to ensure the quality of credit and avoidrising bad debts.

Previously, SBV Governor NguyenVan Binh, at November's National Assembly meeting, said he expected thatcredit growth this year would meet the 12 percent annual target,explaining that lending often sharply surged in the final quarter.-VNA
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