Credit growth expected to be 17 percent this year: official
Credit growth had stood at about 8.18 percent as of August 15, 2018 and is expected to be curbed at around 17 percent this year, said Minister-Chairman of the Government Office Mai Tien Dung.
Hanoi (VNA) – Credit growth hadstood at about 8.18 percent as of August 15, 2018 and is expected to be curbedat around 17 percent this year, said Minister-Chairman of the Government OfficeMai Tien Dung.
The official released the figures at apress conference in Hanoi on August 30 following the Cabinet’s regular meetingwhich took place earlier the same day.
Despite controlled credit growth, loans forproduction and businesses with stable interest rates have still been ensured,Dung said, noting that in the first eight months of this year, the Governmentfocused on economic restructuring and did not rely on oil exploitation and creditgrowth for growth.
In this regard, Deputy Governor of theState Bank of Vietnam (SBV) Dao Minh Tu further explained that the creditgrowth target of about 8.5 percent in the remaining months of this year matchesthe requirements for economic growth and inflation control.
He highlighted the rosy economic growthwith inflation tamed at below 4 percent over the past eight months.
Tu, however, said although the inflationrate is below the target set by the Government, caution is still needed tocontrol the rate in the remaining months of the year.
For the goal of economic stabilisation andensuring capital for priority areas, credit institutions have set forth theirown plans, the official said.
Minster-Chairman Dung emphasised that toensure macro-economic stability, apart from controlling credit growth, theGovernment is resolute not to raise electricity price and think twice beforeincreasing prices of other commodities. -VNA
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Illustrative image (Source: VNA) 
