The State Bank of Vietnam’s recent decision to revise up the 2022 credit growth target of the banking system has eased access to bank loans amid a credit crunch, especially at the peak season to prepare for Lunar New Year.
Minister of Trade and Industry Dang Hoang An and Italian Undersecretary for Foreign Affairs Manlio di Stefano co-chaired the seventh meeting of the Joint Commission on Economic Cooperation, following a two-year hiatus caused by the COVID-19 pandemic.
Deputy Prime Minister Le Minh Khai has approved the sovereign credit rating improvement project by 2030, part of an effort to make Vietnam a developing and upper-middle-income country with modern industry.
The State Bank of Vietnam has urged lenders to not relax credit approval conditions but set tighter control on foreign currency lending and granting loans in high-risk sectors.
Despite the negative impact of the COVID-19 pandemic, the remittance flow to the country throughout 2021 reached more than US$12 billion, an increase of 10% compared to 2020, according to data published by the State Bank of Vietnam (SBV).
As many as 706 enterprises, 85 percent of 832 listed companies on the Vietnamese stock market, generated profits during the third quarter of this year.
The Government’s foreign debts have been declining sharply and under the Government’s control, Deputy Prime Minister Vuong Dinh Hue said while chairing a meeting with leaders of some ministries, sectors and the National Financial Supervisory Commission.
Foreign financial institutions were eyeing up poorly-performing Vietnamese banks after being given the green light to acquire stakes in local institutions in a move to speed up the restructuring of the country’s banking industry, according to banking expert Nguyen
Vietnam had 12,327 people with USD3 million to below USD30 million in net assets by the end of 2018, up 23% over the past five years and the figure is projected to reach 15,776 people by 2023.
