Banks to work harder to promote credit access
The State Bank of Vietnam (SBV) and credit institutions are set to augment efforts in the coming time so as to promote people and businesses’ access to credit.
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The State Bank of Vietnam (SBV) and credit institutions are set to augment efforts in the coming time so as to promote people and businesses’ access to credit.
The State Bank of Vietnam (SBV) will continue to follow a pro-active, flexible and cautious monetary policy as well as working in close conjunction with fiscal and other policies to control inflation, sustain the macro-economy and support economic growth in the second half of this year.
The credit growth of Vietnamese banks in the first five months of this year expanded by 5.07 percent against the end of 2018, the State Bank of Vietnam (SBV) reported.
Despite the effects of the trade war, the Thai domestic consumption figures, government investments, and the tourism sector still all perform well; resulting in continuous growth of the Thai economy in April.
If credit policies for luxury home purchases were tightened, it could be a shock for the property market, experts have warned.
The State Bank of Vietnam (SBV) said on May 30 that it will continue to coordinate with relevant Vietnamese ministries and agencies regarding the US Department of Treasury’s issues of concern, in the spirit of cooperation.
The monetary market’s liquidity has remained stable and foreign currency supply and demand are relatively balanced amidst the uptrend of USD/VND exchange rates over the last few days, an official from the State Bank of Vietnam (SBV) has assured.
A meeting held in Hanoi on May 10 discussed financial solutions for businesses amid the current context in which roughly 20 percent of firms in need of funding still have problems gaining access to credit.
The Bank of Thailand (BoT) on May 8 held its benchmark interest rate unchanged for a third straight meeting, as widely expected, saying monetary policy remained accommodative while risks to financial stability remained.
The reference exchange rate and exchange rates of commercial banks have increased continuously in recent days, with the reference exchange rate making its record high on May 8 at 23,046 VND. However, economists said that there is nothing to worry about this situation.
Deputy Governor of the State Bank of Vietnam (SBV) Nguyen Thi Hong has affirmed that the SBV will direct monetary policy in a proactive, flexible, and cautious manner, and in harmony with fiscal and other macro-economic policies to curb inflation, maintain macro-economic stability, and fuel economic growth.
Authorities are planning to continue tightening credit for real estate in the time ahead, which is hoped to have positive impacts on the market, heard a forum in Hanoi on May 4.
The Vietnamese Dong would remain stable against the US dollar in the near future, supported by the country’s robust foreign direct investment (FDI), a healthy current account surplus, and by the central bank’s active intervention, experts forecast.
Some commercial banks expect to get high credit growth limits set by the central bank this year as they have so far met Basel II’s capital safety and risk management standards ahead of schedule.
A seminar was held in Hanoi on April 19 to review Vietnam’s macro-economic development in the first quarter and update macro-economic prospect for 2019.
Credit packages with preferential interest rates offered to small and medium enterprises (SMEs) in Ho Chi Minh City contributed largely to the city’s economic growth of 8.3 percent in 2018, heard a conference held in the city on April 18.
The Siam Commercial Bank’s (SCB) latest review of the Thai economy reveals a healthy expansion rate despite a decrease in growth due to the global economy, trade war between the United States and China, and uncertainty among private companies on the formation of new government.
As of March 25, the M2 money supply had risen 2.67 percent, while credit to the economy had grown by some 2.28 percent compared to the end of 2018, according to the State Bank of Vietnam (SBV).
