Vietnam's credit growth expands by over 17 percent
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.
Customers at a branch of Vietnam Prosperity Joint Stock Commercial Bank (VPBank). (Photo: VNA)
Hanoi (VNA) - Vietnam’s credit growth as of June 9expanded by 17.09 percent against the same period last year, Deputy Governorof the State Bank of Vietnam (SBV) Dao Minh Tu said on June 15.
He revealed the figure at a press conference held by the central bank to reviewthe performance of the banking sector in the first six months of this year,adding that it is in line with the more positive developments of the economy.
According to the SBV DeputyGovernor, during the period, credit and monetary policies have gradually been harmonised with the new normal, focusing on increasing investment in variousfields of the economy. Since the beginning of this year, the SBV hasdirected institutions to concentrate credit on business and production, and prioritised fields as well as strictly controlling credit for potential risk areas.
In the coming time, positive credit growth along with the impact of theeconomic stimulus package will support the nation's economic recovery, he said.
By the end of April, credit institutions haveextended the payment deadline and reduced interest rates for debts worth over 695 trillion VND (29.8billion USD) for 1.1 million customers. Banks have also frozen and waived interestrates for about 490,000 clients with combined outstanding loans of nearly91 trillion VND.
Vietnam is likely to face the risk of inflationin the future, he said, adding that the global monetary and financial situation has many fluctuations that will affect the country because itseconomy is open.
He said that the SBVwill monitor market dev🐻elopments at home and abroad as well as the pandemicsituation to synchronously and flexꦫibly manage monetary policies to controlinflation, stabilise the macro-economy and support economic recovery./.
Though credit demand is recovering quickly, banks still have to face big challenges related to rising bad debts, provisions and deposit interest rates.
Total credit supply in 2022 reached over 11 quadrillion VND (474.3 billion USD) as of May 20, up 7.66 percent compared to that at the end of 2021 and doubling the figure recorded in the same time last year, according to Deputy Governor of the State Bank of Vietnam (SBV) Dao Minh Tu.
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Customers at a branch of Vietnam Prosperity Joint Stock Commercial Bank (VPBank). (Photo: VNA) 
