Credit growth estimated to reach 18.71 percent in 2016
As of December 29 last year, credit growth was estimated at 18.71 percent. Total payment instruments and capital mobisation rose by 17.88 percent and 18.38 percent respectively, significantly contributing to curbing inflation at 4.74 percent.
These informations were heard at a press conference in Hanoi on January 4.
According to The State Bank of Vietnam (SBV), in 2016, the inspection of banking activities was strengthened and reformed, thus actively supporting the implementation of the monetary policy, restructuring and bad debt settlement.
Credit organisations recorded positive changes such as the increase in capital mobilisation, assets and improved financial capacity, weak banks were strictly controlled and reshuffled.
SBV Deputy Governor Nguyen Thi Hong said the interest rates were remained stable in 2016. Some credit institutions decreased lending interest rates to support business production.
The State bank also instructed credit organisations to implement solutions to balance capitals, stablise deposit interest rates, reduce costs and improve operational efficiency, the Deputy Governor said.
She added that the current lending interest rates stand at around 6-9 percent per year for short terms and 9-11 percent for middle and long terms.
As of December 29, 2016, credit growth reached 18.71 percent. Total payment instruments and capital mobisation increased by 17.88 percent and 18.38 percent respectively, significantly contributing to curbing inflation at 4.74 percent.
As of November 30, 2016, bad debts were estimated at 2.46 percent. The Vietnam Assess Management Company (VAMC) acquired 839 debts with a total original balance of over 23.2 trillion VND (1.1 billion USD) and a combined purchasing price of 22.4 trillion VND (1.06 billion USD).
Deputy Chief Inspector of the SBV’s Inspection and Supervision Agency Nguyen Van Hung said his agency set a target of thoroughly addressing banks with poor performance in 2017, including three banks bought by the SBV at zero namely Viet Nam Construction Bank (VNCB), OceanBank and GPBank as well as DongABank and Sacombank.
Deputy Governor Hong said that the SBV will keep a close watch on the developments of the domestic and global economies to set out measures to ensure stable exchange rate management in 2017.
In 2017, the banking sector targets a credit growth of 18 percent and total payment instruments of 16-18 percent, according to the deputy governor.
She added that the exchange rate and foreign exchange market in 2016 were quite stable despite pressure from unpredictable fluctuations in the global market.
Since early last year, the SBV announced the flexible daily reference exchange rate following the developments of the domestic and overseas markets and monetary policy targets, which helped limit shocks from outside, reduce the storing of foreign currencies and support the stabilisation of the exchange rate and foreign exchange market, Hong noted.
According to The State Bank of Vietnam (SBV), in 2016, the inspection of banking activities was strengthened and reformed, thus actively supporting the implementation of the monetary policy, restructuring and bad debt settlement.
Credit organisations recorded positive changes such as the increase in capital mobilisation, assets and improved financial capacity, weak banks were strictly controlled and reshuffled.
SBV Deputy Governor Nguyen Thi Hong speaks at the press conference.
|
The State bank also instructed credit organisations to implement solutions to balance capitals, stablise deposit interest rates, reduce costs and improve operational efficiency, the Deputy Governor said.
She added that the current lending interest rates stand at around 6-9 percent per year for short terms and 9-11 percent for middle and long terms.
As of December 29, 2016, credit growth reached 18.71 percent. Total payment instruments and capital mobisation increased by 17.88 percent and 18.38 percent respectively, significantly contributing to curbing inflation at 4.74 percent.
Photo for illustration.
|
Deputy Chief Inspector of the SBV’s Inspection and Supervision Agency Nguyen Van Hung said his agency set a target of thoroughly addressing banks with poor performance in 2017, including three banks bought by the SBV at zero namely Viet Nam Construction Bank (VNCB), OceanBank and GPBank as well as DongABank and Sacombank.
Deputy Governor Hong said that the SBV will keep a close watch on the developments of the domestic and global economies to set out measures to ensure stable exchange rate management in 2017.
In 2017, the banking sector targets a credit growth of 18 percent and total payment instruments of 16-18 percent, according to the deputy governor.
She added that the exchange rate and foreign exchange market in 2016 were quite stable despite pressure from unpredictable fluctuations in the global market.
Since early last year, the SBV announced the flexible daily reference exchange rate following the developments of the domestic and overseas markets and monetary policy targets, which helped limit shocks from outside, reduce the storing of foreign currencies and support the stabilisation of the exchange rate and foreign exchange market, Hong noted.
17:51, 2025/01/07
Vietnam prioritizes agriculture and renewable energy for access to green loans
The move is part of the government’s effort to accelerate economic restructuring and build resilience to climate change while protecting the environment.
16:49, 2025/01/06
Vietnam GDP expands by 7.09% in 2024
The 2024 growth rate is considered positive amidst global uncertainties and domestic challenges such as natural disasters.
14:39, 2025/01/04
Vietnam stock market set to accelerate in 2025: Experts
Stable macroeconomic fundamentals, ongoing institutional reforms, and favorable monetary policies will be positive for corporate earnings.
16:31, 2025/01/02
Vietnam stock market aims for emerging status by 2025: Finance minister
By the end of 2024, the benchmark VN-Index reached 1,266.78 points, up 12.11% from 2023.
15:33, 2025/01/02
Vietnam set to extend VAT cut for six months
This measure is expected to accelerate the recovery of production and business activities, which will ultimately benefit the state budget and the economy as a whole.
21:29, 2024/12/31
Vietnam’s credit growth projected to expand by 16% in 2025
Growth must put operational safety first, and channel credit to productive business sectors, priority areas, and growth-driving industries.
- Regional, international financial centers mean boosters to Vietnamese economy: Deputy PM
- IFC sets record with US$1.6 in climate financing to support Vietnam’s green transition
- Vietnam's credit growth up 10% in 10 months
- Building Hanoi's smart city with smart banking
- Vietnam stock market clears major legal hurdle to potential upgrade
- Cashless parking in Hanoi: Good model fuels smart transport