The State Bank of Vietnam had submitted a plan to the Prime
Minister to boost lending from now to the end of 2013 in the face of
lower-than-expected credit growth, according to Credit Department
director Nguyen Viet Manh.
Prime Minister Nguyen Tan Dung presented the Government’s report on the
socio-economic situation in 2013, results of the first three-year
implementation of the five-year plan 2011-2015 and the tasks for
2014-2015, on the first day of the 6 th session of the 13 th National
Assembly, which opened in Hanoi on October 21.
The 12 percent credit growth target set for commercial banks this year
is within reach, according to a central bank official.
Nguyen Thi Hong, director of the State Bank of Vietnam ’s Department
of Monetary Policies, said at a recent press briefing that by late July,
the banking sector had achieved a credit growth of 5.3 percent over
late 2012 figure.
The State Bank of Vietnam (SBV)’s monetary policy management has
contributed significantly to macro-economic stability and inflation
control, said Cao Sy Kiem, Chairman of the Association of Small and
Medium Enterprises.
Unemployment rate among young people in Vietnam is more than three
times higher than the adult rate, the International Labour Organisation
(ILO) said in its recent report.
The National Financial Supervisory Committee has suggested a further cut
in the deposit interest-rate cap to 7 percent to bring down lending
rates to around 10 percent.
Minister of Finance Vuong Dinh Hue assured the public that the
Government's 29 trillion VND (1.38 billion USD) business support package
will make it into the hands of the people who need it most via a
transparent process.
The local foreign exchange market has begun to show positive results,
following the State Bank of Vietnam 's circular which came into
effect on July 1.
