Import and export were expected to be the major driver for credit growth in the remaining months of this year. (Photo: tapchicongthuong.vn) Hanoi (VNS/VNA) - Credit growth for the remainder of the year will bedriven by imports and exports, according to a recent survey by the State Bankof Vietnam (SBV).
TheSBV’s Monetary Forecasting and Statistic Department said almost half (49 percent)of credit institutions that took part in the survey believe this will be themajor impetus to boost credit.
Wholesaleand retail (47 percent), garment and textile (41 percent) and construction (40 percent),were the next best industries according to the findings.
Thesefour sectors were also expected to push credit growth in 2021 with import andexport predicted to be the major driving force.
Creditinstitutions expected a significant increase in credit demand in the secondhalf of this year, based on economic recovery forecasts and demand for businessexpansion.
Creditrisk level of loans in the second half of this year was lower than the firstbut for the whole year, the risk level would be higher than 2019, the surveyfound.
Creditinstitutions said they had cut marginal interest rates and costs in the firstsix months of 2020 to increase credit accessibility for customers. Lendingterms would also be more relaxed.
However,institutions tightened requirements on mortgaged assets and credit rating,especially loans for real estate business, securities and consumer loans, toensure credit quality and limit risks.
Thecentral bank’s statistics showed credit expanded at less than four percent inthe first seven months of this year, equivalent to only half of the same periodlast year.
TranDu Lich, member of the Prime Minister Nguyen Xuan Phuc’s Economic AdvisoryCouncil, said the credit growth would hardly reach the target of 10 percentthis year, given the low credit absorbability of the economy in the COVID-19pandemic./.
TheSBV’s Monetary Forecasting and Statistic Department said almost half (49 percent)of credit institutions that took part in the survey believe this will be themajor impetus to boost credit.
Wholesaleand retail (47 percent), garment and textile (41 percent) and construction (40 percent),were the next best industries according to the findings.
Thesefour sectors were also expected to push credit growth in 2021 with import andexport predicted to be the major driving force.
Creditinstitutions expected a significant increase in credit demand in the secondhalf of this year, based on economic recovery forecasts and demand for businessexpansion.
Creditrisk level of loans in the second half of this year was lower than the firstbut for the whole year, the risk level would be higher than 2019, the surveyfound.
Creditinstitutions said they had cut marginal interest rates and costs in the firstsix months of 2020 to increase credit accessibility for customers. Lendingterms would also be more relaxed.
However,institutions tightened requirements on mortgaged assets and credit rating,especially loans for real estate business, securities and consumer loans, toensure credit quality and limit risks.
Thecentral bank’s statistics showed credit expanded at less than four percent inthe first seven months of this year, equivalent to only half of the same periodlast year.
TranDu Lich, member of the Prime Minister Nguyen Xuan Phuc’s Economic AdvisoryCouncil, said the credit growth would hardly reach the target of 10 percentthis year, given the low credit absorbability of the economy in the COVID-19pandemic./.
VNA
