Banks are expecting an improvement in credit growth from the second quarter of 2024, especially now that loan interest rates have decreased, exports gradually recovered, and domestic consumption increased.
Hanoi (VNA) - Banks are expecting an improvement in credit growth fromthe second quarter of 2024, especially now that loan interest rates havedecreased, exports gradually recovered, and domestic consumption increased.
The State Bank of Vietnam said that as of January 31, deposit and loan interest rates had been cut down by 0.15% and 0.25% per year, respectively,compared to the end of 2023.
However, the central bank noted that creditgrowth in early 2024 was quite low compared to that in recent years. InJanuary, credit decreased by 0.6% against the end of 2023.
Leaders of Agribank, Vietcombank, andLPBank said that this is a normal phenomenon in the first months of the year as customer psychology and economic activities are not vibrant becausethis is the New Year holiday season.
They forecast that credit growth maygradually improve in the remaining quarters of this year as the economyrecovers.
To promote credit growth, ministries, sectors, and localities were recommended to roll out measures to stimulate domesticconsumption, issue more incentives to attract foreign investment, createan open and convenient legal corridor for businesses' operations, and support themin increasing their competitiveness and participating in the global valuechain./.
Since the beginning of the year, numerous banks have launched attractive credit packages with low interest rates, some even as low as 0% per year, easing the financial burden for customers seeking additional capital, particularly during the time leading up to Tet (Lunar New Year holiday).
The State Bank of Vietnam has issued a directive urging credit institutions to accelerate credit growth from the early months of 2024, a pivotal step toward propelling economic growth.
Slower than expected credit growth and a large number of non-performing loans have resulted in conservative growth targets among commercial banks for 2024, said industry insiders and experts.
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Illustrative image (Photo: baodautu.vn) 
