BizLIVE - The full-year credit growth can reach 18-20% in 2017.
Vietnam’s Credit Growth Hits 9.06% in Jan-Jun
SBV Governor Le Minh Hung (L) and Minister Mai Tien Dung at a working meeting on June 18. Photo: VGP
Credit in the Vietnamese banking system grew 9.06% year to June 30, much higher than the growth in the same period of 2015 and 2016, Governor of the State Bank of Vietnam (SBV) Le Minh Hung has said.
The governor said at a meeting earlier this week with a task force appointed by the prime minister that loans were driven to priority sectors such as agricultural production and industry while lending to risky sectors was tightly controlled.
Lending growth could reach 18-20% on an annualized basis this year, but macro stability and credit quality should be guaranteed, Hung said.
The governor said that the central bank last year purchased $10 billion from commercial banks to increase the international reserves.
Vietnam’s forex reserves have touched an all-time high of $42 billion currently, Hung said at a regular cabinet meeting at the start of this month.
At the meeting, Minister cum Chairman of the Government Office Mai Tien Dung asked the SBV to ensure the full-year growth at 18-20% and cut lending rates by 50 to 100 basis points.
The prime minister ordered the SBV to work out measures to mobilize gold and foreign currency held by the Vietnamese and convert them into the dong to inject into the economy, Minister Dung said.