SBV Governor: Banks to Loan VND630T, Credit Growth of 21 per cent-23 per cent This Yr
The Governor of the State Bank of Vietnam, the country’s central bank, forecast that total credit supply will rise between 21 per cent and 23 per cent and banks will make low-cost loans of VND630 trillion (US$37.278 billion) for the economy this year.
The government’s subsidized lending program will result in total short-term loans of VND630 trillion to support enterprises, Governor Nguyen Van Giau told the Banking Times, which is published Wednesday by the central bank. .
This year, banks’ total outstanding loans are forecast to rise by VND250 trillion, Giau said, calming down concerns about rapid credit growth, which may lead to high inflation.
As of March 24, banks said to have loaned VND158 trillion (US$9.35 billion) to the economy, VND94.615 trillion, or 60 per cent of which had been lent to private and non-state sectors, VND57.99 trillion to state-owned enterprises, Giau added.
Southeastern Vietnam accounted for 40.4 per cent of that fund, followed by Mekong Delta region with 20.5 per cent, and Red River delta region with 19.7 per cent, Giau noted.
Of the VND158 trillion, state-owned commercial banks and people’s credit funds disbursed VND119.608 trillion, commercial joint stock companies loaned VND32.192 trillion, joint venture and foreign banks lent approx VND6 trillion.
This year, Vietnam has targeted GDP growth of 6.5 per cent and generate 1.7 million jobs, state media said. (Banking Times)
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