Vietnam’s credit growth as of June 9 expanded by 17.09 percent against the same period last year, Deputy Governor of the State Bank of Vietnam (SBV) Dao Minh Tu said on June 15.
The World Bank (WB) released the June edition of its monthly Vietnam Macro Monitoring on June 13, highlighting that the economic recovery remained strong despite heightened global uncertainties.
Some banks have temporarily stopped providing loans to the real estate sector in the short term in the wake of the State Bank of Vietnam (SBV)'s policy on controlling credit growth in risky areas.
Credit growth of credit institutions was quite positive at 5.04 percent at the end of the first quarter of this year, much higher than the 2.16 percent rise in the same period last year, the State Bank of Vietnam (SBV)’s Deputy Governor Dao Minh Tu said at the Government’s regular press conference in March.
Ho Chi Minh City’s credit growth has rebounded, growing by 3.65 percent as of the end of March, up 13.1 percent year-on-year, according to the State Bank of Vietnam’s HCM City branch.
Credit growth of the Vietnam Bank for Social Policies (VBSP)'s branch in the northern province of Bac Giang is expected to be between 7-10 percent in 2022, according to Vice Chairman of the provincial People’s Committee and head of the representative board of the branch's board of directors Phan The Tuan.
Credit growth is projected to be 5.3 percent in the first quarter of 2022 and 14.1 percent this year, according to a survey of lenders conducted by the State Bank of Vietnam (SBV) last December.
The banking sector plays the key role in maintaining the macro-economic stability and other major balances of the economy, stated Prime Minister Pham Minh Chinh at a New Year meeting with leaders and staff of the State Bank of Vietnam (SBV) on February 8.
Credit institutions warn of a continuous increase in credit risks in the first half of 2022, according to a survey on credit trends by the State Bank of Vietnam’s Forecast and Statistics Department.
The State Bank of Vietnam (SBV)’s expansion of credit growth quotas for commercial banks has created favourable conditions for lenders to boost lending, contributing to supporting capital sources for individuals and firms to recover after the COVID-19 pandemic.
Banks’ pre-tax profits this year will remain relatively positive but are yet to be sustainable as banks haven’t set up contingency reserves for restructured debts.
Credit growth has reached 12.97 percent so far and is likely to hit 14 percent this year, Standing Deputy Governor of the State Bank of Vietnam (SBV) Dao Minh Tu said in a press conference on the SBV's governance of monetary policies and banking operation on December 28.
Many banks have increased their interest rates to attract more depositors after getting a credit growth quota expansion from the State Bank of Vietnam (SBV).
The State Bank of Vietnam (SBV) has extended the credit growth limits for the third time this year to some commercial banks to meet rising capital demands at year-end.
Deputy Governor of the State Bank of Vietnam Dao Minh Tu said that favourable conditions will be created to facilitate businesses’ access to loans, but credit quality still needs to be guaranteed and bad debt needs to be controlled in the short, medium, and long terms.
By the end of the third quarter, the credit of the Foreign Trade Joint-stock Bank (Vietcombank) was 923,385 billion VND (40.550 million USD), an increase of 11.5 percent over the whole of 2020 and representing 98 percent of this year’s plan, according to the lender.
Despite impacts of the COVID-19 pandemic, credit growth continued to expand in the first nine months of this year thanks to comprehensive and effective solutions, according to Deputy Governor of the State Bank of Vietnam (SBV) Dao Minh Tu.
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