Credit grew only 1.96 percent as of May 29 as compared with late 2019, due to the impact of the COVID-19 pandemic, according to Deputy Governor of the State Bank of Vietnam (SBV) Nguyen Thi Hong.
Hanoi (VNA) – Credit grew only 1.96 percent as of May 29 ascompared with late 2019, due to the impact of the COVID-19 pandemic, accordingto Deputy Governor of the State Bank of Vietnam (SBV) Nguyen Thi Hong.
Speaking at a recent press conference, Hong further said in thefirst five months of 2019, credit growth reached 5.74 percent and the presentpace is far from the yearly target of 14 percent.
Credit continues to be poured into production and business, and keysectors like export (up 4.94 percent), hi-tech (2.92 percent), and supportindustry (2.27 percent).
The central bank has adopted solutions to remove difficulties inproduction and business, especially agriculture that has been affected bynatural disasters and diseases.
Hong said the bank has assigned relevant departments to review thetarget of 14 percent that was set in late 2019 when the pandemic had yet tobreak out, noting that it would be adjusted when necessary.
The SBV will continue to direct capital flows to priority businesssectors, the Deputy Governor added.
Ha Thu Giang, deputy head of the SBV’s Credit Department, as ofMay 25, the banking sector had restructured debt payments for nearly 224,000clients with total outstanding loans amounting to nearly 152 trillion VND (6.51billion USD), as well as exempted and reduced interest rates for over 326,000others with combined outstanding loans of more than 1.14 quadrillion VND.
The Vietnam Bank for Social Policies has also extended debtpayment deadlines for 150,714 customers, restructured debt payments for 75,209others, and granted fresh loans to 680,031 clients.
In March and May, the SBV adjusted down policyrates by 1-1.5 percent per year to support commercial banks and reduced interestrate ceilings by 0.6-1 percent per year for key sectors.
Hong said the central bank will adjust the policyrates on the basis of the national economic situation, especially inflation,and continue to manage monetary policies in combination with macro-economicpolicies in an effort to control inflation, stabilise the macro economy, themonetary market and remittances./.
Total assets of credit institutions and foreign banks in Vietnam by the end of the first quarter of this year inched down 0.72 per cent to 12.48 quadrillion VND (521.76 billion USD) compared to the end of last year.
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Illustrative image (Source: VNA) 
