Credit growth to display positive signs ahead in remaining months
VOV.VN - Credit growth is anticipated to enjoy positive growth during the last months of the year, thereby helping to ease difficulties faced by businesses, whilst propelling economic development forward.
According to the latest data compiled by the State Bank of Vietnam (SBV), as of September 29, credit growth had reached 6.92% compared to the end of 2022, with a strong rise seen in credit for some priority sectors.
Pham Thanh Ha, deputy governor off the SBV, said that in the first nine months of the year both the Government and the Prime Minister held many conferences and meetings with ministries, sectors, and associations, while the SBV also organised 12 conferences and meetings. In addition, it issued 11 documents directing the implementation of measures in a bid to enhance credit access for enterprises, sectors. and areas.
The central bank also worked hard to seek ways in which to improve people and businesses’ capacity to absorb credit capital, he said, noting that there have been 63 bank-business connection conferences held in localities as a means of listening to the opinions of businesses and people, as well as seeking solutions to help them overcome difficulties, especially in accessing credit.
As a result, the whole economy’s credit reached close to VND12.75 quadrillion, equal to US$523.39 billion, as of September 29, a rise of 6.92%.
Ha outlined that although credit growth was considerably lower than that in 2022 and the same period seen in previous years, there was an upturn trend in recent months. Particularly, credit growth in some priority areas stands higher than average, he said.
The banks’ deputy governor stated that in order to provide businesses with better access to credit capital, the central bank has applied many measures since the beginning of the year, including reducing operating interest rates to create room for commercial banks to lower their interest rates, while encouraging digital transformation in the banking sector in order to help credit institutions cut cost and reduce lending interest rates.
However, in reality, although interest rates have decreased, the rates have yet to fully meet the needs of many businesses, while lending interest rates have been cut more slowly than deposit interest rates. Since the beginning of the year, deposit interest rates in the market have dropped by 2%, although lending interest rates have only fell by 0.5% to 1%.
Dao Minh Tu, permanent deputy governor of the SBV, said that along with efforts of the central bank, the continuous companionship of ministries, sectors, and localities through synchronous solutions is crucial to removing difficulties faced by businesses, thereby enabling them to flourish in a difficult economic context.
