Governor of the State Bank of Vietnam (SBV) Nguyen Thi Hong has requested that credit growth be achieved in tandem with improving credit quality, with a focus on manufacturing and priority areas.
Hanoi (VNA) - Governor of the State Bank of Vietnam (SBV) NguyenThi Hong has requested that credit growth be achieved in tandem with improvingcredit quality, with a focus on manufacturing and priority areas.
During a teleconference in Hanoi on April 14, Director of the SBV’sCredit Department for Economic Sectors Nguyen Tuan Anh said that as of March31, the economy’s outstanding debts had surpassed 9.46 quadrillion VND, up 2.93percent from late 2020.
Credit growth in agro-forestry-fisheries reached 2.42 percent, industry3.04 percent, and real estate 3 percent. Meanwhile, credit in securities hit45.3 trillion VND (1.96 billion USD), down 1 percent from late 2020.
Hong said the SBV has set credit growth at nearly 12 percent this year,with credit in areas of risk to be brought under control.
Violations of bankingactivities have been mostly found in credit activities. At present, totaloutstanding debts are equivalent to 140 percent of the country’s GDP.
As of late March, banks had restructured debt repayments for nearly263,000 customers with outstanding debts of more than 353 trillion VND, and exemptor cut interest rates for over 660,000 customers with more than 1.27quadrillion VND. Credit organisations have lent over 3 quadrillion VND to morethan 452,000 clients since January 23.
In the near future, Anh said the SBV will realign monetary policy with macro-economicand monetary developments as well as the pandemic situation at home and abroad.
At the same time, it will closely control credit in areas of risk, suchas securities, real estate, and build-operate-transfer (BOT) and build-transfer(BT) transport projects, while managing risks in lending.
The SBV will prioritise the provision of higher credit quotas for creditorganisations that actively reduce lending rates and also encourage financialcompanies to cut lending rates.
The sector will tackle the difficulties faced by customers who were hitby COVID-19 and natural disasters.
Credit institutions were asked to continue creating favourableconditions for individuals and businesses to access credit, and to work withlocalities to step up a programme connecting banks with companies./.
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The State Bank of Vietnam's leaders (Photo: VNA) 
