Credit growth reaches 9.54%, may outstrip year’s target

Credit growth rate in the eight months to August reached 9.54 percent and is expected to top the forecast 17 percent for the whole year, the SBV said.

Credit growth rate in the eight months to August reached 9.54 percent and is expected to top the forecast 17 percent for the whole year, the State Bank of Vietnam (SBV) said.

 

Credit growth rate reaches 9.54 percent in first eight months of 2015

Lending for five prioritised sectors has significantly improved, with outstanding loans for agriculture and rural development at VND811.64trn (USD36bn) by the end of August, up 9.0 percent since December.

Outstanding loans for exports reached VND184.6trn, up 5.0 percent, while high-tech applications increased by 29.12 percent to VND25.61trn, supporting industry grew 3.2 percent to VND110.62trn, and for small and medium-sized enterprises reached VND976.73trn, up 4.07 percent.

The banking sector earlier this year targeted a credit growth rate of 13-to-15 percent for the whole year, but has since revised that forecast to 15-to-17 percent.

Many experts estimate national credit growth rate would outstrip the forecast 17 percent, as lending usually shows sharp growth in the final quarter.