A client makes transactions at a Vietnamese bank. (Photo: www.businesstimes.com.sg)
Mobilization by banks, however increased 10.47% from December 2014, lower than an 11.69% rise a year earlier, the Dau Tu (Investment) newspaper cited sources as saying.
Credit growth in Vietnam has accelerated since the start of this year, reaching 10.78% as of September 21, according to the government-run General Statistics Office.
The country’s credit growth is likely to hit 16.5% for the whole year, higher than the government’s initial target of 13%-15%, said Nguyen Tien Dong, head of the Credit Department under the State Bank of Vietnam.
The central bank could lift the credit growth target to 17% this year to accommodate a faster economic expansion.
Vietnam’s gross domestic product growth hit 6.5% in the first three quarters this year, a five-year high, and is likely to beat the year’s target of 6.2%.