Lending of the banking sector as of November 22 expanded by around 14 percent against December last year, State Bank of Vietnam Deputy Governor Dao Minh Tu reported.
Lending of the banking sector as of November 22 had expanded by around 14 percent against December last year, with VND loans rising 15.3 per cent and foreign currency loans increasing 2.8 percent (Photo: taichinh115.com.vn)
Hanoi (VNA) - Lending ofthe banking sector as of November 22 expanded by around 14 percent againstDecember last year, with VND loans rising 15.3 percent and foreign currencyloans increasing 2.8 percent, State Bank of Vietnam Deputy Governor DaoMinh Tu reported. At a regular Government meeting on November29, Tu said that a credit growth rate of 17-18 percent this year isreasonable and attainable as lending usually rises sharply during the finalmonths of the year. He also affirmed that the centralbank will regulate credit growth to meet the Government’s growth and inflationcontrol targets. It would also focus on lending quality to minimise the risk ofnon-performing loans (NPLs). Earlier this year, the central banktargeted an annual credit growth of between 18 and 20 percent, up from 17.26percent in 2015. However, it affirmed that the credit growth rate might beadjusted based on the actual situation, as it happened last year. In 2015, the central bank firsttargeted a credit growth rate of 13 percent, then adjusted it to between 15 and18 percent to meet rising capital demand. Vietnam’s economy was originallyexpected to grow 6.7 percent this year, compared to 6.68 percent in 2015. However, adverse weather conditionsand the en masse fish deaths along the central coast have forced the Governmentto revise the 2016 target down to between 6.2 and 6.5 percent. The central bank will direct lendingcapital to flow mainly into the five prioritised sectors of agriculture,exports, spare-parts industries, small- and medium-sized enterprises, andhi-tech firms besides startups, Tu said.-VNA
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Lending of the banking sector as of November 22 had expanded by around 14 percent against December last year, with VND loans rising 15.3 per cent and foreign currency loans increasing 2.8 percent (Photo: taichinh115.com.vn) 
