Credit Growth +2.48% in Sept: Vietnam Central Bank Governor
Vietnam’s credit growth expanded 2.48% in the first 29 days of September, Governor Nguyen Van Giau of the State Bank of Vietnam said on Tuesday, turning down the earlier estimate of 4.5%.
Giau was quoted by the state-run Thoi bao Ngan hang newspaper as saying that the country’s total credits grew at a normal rate last month.
Current top priority is to stabilize the macro economy, put inflation under control and secure the full-year economic growth of 6.5%, he asserted.
The governor refused recent commentaries on capital shortage in the local economy, noting that such news was inaccurate and the central bank will continue to use the monetary tools flexibly to support local lenders to cut interest rates further.
Giau also applauded a consensus by which members of the Vietnam Banks Association pledged to slash deposit and lending interest rates in dong further from October 15.
Statistics from the central bank showed that total outstanding loans of local banks rose 3.31% in August, resulting in eight-month growth of 16.27% versus the full-year National Assembly target of 25%.
Vietnam’s economy expanded 6.52% in the first nine months of this year, compared to the National Assembly’s full-year target of 6.5%. (SBV, Banking Times)
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