Credit of the banking system by the end of October this year rose by 11.5% compared to the end of 2021, Bao Viet Securities Company (BVSC) said, citing data from the State Bank of Vietnam (SBV).
A Vietcombank transaction office in Hanoi. Credit will be allowed to expand by 2.5% in the last two months of 2022. (Photo: VNA)
Hanoi (VNS/VNA) - Credit of the banking system by the end ofOctober this year rose by 11.5% compared to the end of 2021, Bao VietSecurities Company (BVSC) said, citing data from the State Bank of Vietnam(SBV).
Themonthly rate was the highest credit growth since 2018.
Accordingto BVSC, if the SBV keeps its credit growth target at 14% for the whole year of2022 as planned previously, credit will be allowed to expand by 2.5 percentagepoints in the last two months of this year.
BVSCforecast it is difficult for the SBV to extend the credit growth target to morethan 14% this year, especially when inflation is posing higher risks with theconsumer price index (CPI) in October recording 4.3%.
The SBVmade the latest credit growth quota expansion for 15 banks in early Septemberthis year, of which Sacombank got a rise of 4%; Agribank, 3.5%; SHB, OCB andMBB, 3.2%; VIB, 3% and Vietcombank, 2.7%. It was the second time the SBV raisedthe credit cap for commercial banks in 2022.
Thecredit growth quota regime was officially deployed in 2011 when Vietnam’seconomy was experiencing hyperinflation stemming from excessive money supply.The credit growth quota regime, putting a cap on the banking industry’s creditexpansion, is often announced by the SBV at the beginning of each year. Basedon the credit growth quota for the entire banking industry, the SBV willdetermine the credit growth for each commercial bank depending on its financialhealth, with indicators including capital, asset quality, governance, businessperformance results, liquidity and sensitivity to market risks.
On theinterbank market, from October 27 to November 3, interbank interest rates forovernight and one-week terms continued to increase by 0.86% and 0.52% to 6.93%and 7.15% per year, respectively. Meanwhile, the two-week term interbankinterest rate decreased by 0.66% to 6.98% per year.
With theSBV's net pumping in the second week in a row on the open market, BVSC believedinterbank interest rates will cool down this week. However, it is likely thatinterbank interest rates will fluctuate around 5-7% until the end of the year,and be hard to cool down as strongly as at the beginning of this year./.
Businesses have faced difficulties in access to capital and commercial banks want to be able to lend freely to meet market demand. However, experts said the imposition of the credit growth cap is still necessary to keep the country’s macro economy stable in the short run.
Governor of the State Bank of Vietnam (SBV) Nguyen Thi Hong has underlined the need for proactive and flexible response to changes to control inflation and stabilise the macro-economy while talking about some issues mentioned by legislators on October 28.
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A Vietcombank transaction office in Hanoi. Credit will be allowed to expand by 2.5% in the last two months of 2022. (Photo: VNA) 
