Total outstanding loans in the Vietnamese banking system year to December 20 expanded an estimated 12.1% in 2019, slower than a 13.3% expansion in the same period last year, according to official data.

Total money supply (M2) increased 12.1% year-on-year in the 12-month period, compared to an 11.3% increase in the comparable period last year, the General Statistics Office has said in a monthly report.

During the year, the Vietnamese central bank eased its monetary policy by cutting its policy rates and lowering the cap on deposit rates at banks, thus bringing down lending rates, especially on loans provided for priority sectors.

Meanwhile, the country’s GDP grew 7.02%, topping 7% for a second consecutive year, indicating that the economic growth has become less reliant on credit.

Vietnam’s economic growth continues to be driven by the resilient foreign sector and robust domestic consumption, a World Bank economist said at a recent press meeting in response to Hanoitimes’ question.

The Southeast Asian country’s exports soared 8.1% year-on-year in 2019 to reach US$263.45 billion, four times the pace of global trade growth. Foreign-invested enterprises shipped US$181.35 billion worth of goods abroad, accounting for 68.8% of Vietnam’s export turnover.

Revenues of retail sales and services rose 11.8% to VND4,940.4 trillion (US$212 billion), of which retail sales totaled US$161 billion, up 12.7% from a year earlier, according to official data.