Credit growth highly increases this year

The banking system’s credit growth rate reached 6.53 percent on May 25 compared to the end of 2016, reported the State Bank of Vietnam (SBV) yesterday.

Credit growth rate reaches 6.53 percent since early this year

Credit growth rate reaches 6.53 percent since early this year

Unlike previous years when credit growth was traditionally low in year beginning months, the growth rate was high. It was 6 percent in the same period in 2016 and 4.5 percent in 2015.
Interest rates have been kept stable to meet capital for production and trading. At present, loan interest rate swings from 6-9 percent for short term loans and 9-11 percent for long term loans in the market. Short term rates are from 4-5 percent.
The Central Bank has implemented some solutions to facilitate banks’ loaning to small and medium enterprises in production and trading.
In the upcoming time, SBV will manage interest rate suitably with macroeconomic changes, inflation and monetary markets to stabilize the interest rates; continue asking credit institutions to cut loan rates to share difficulties with customers but still ensure financial safety in banking operations.
In addition, it will continue implementing credit programs of the Government such as rice, coffee and seafood as well as packages to encourage hi-tech agriculture; coordinate with agencies to solve difficulties and provide loans for residents in four north central provinces who have been hit by Formosa environmental disaster last year.

By HAM YEN – Translated by Hai Mien

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