State Bank to expand credit room by 1.5-2%
Credit growth for the whole year is increased to 15.5-16% compared to the target of 14% at the beginning of the year.
The State Bank of Vietnam has just issued a notice on the adjustment of the oriented credit growth target for this year, with an increase of 1.5-2%. The adjustment, according to the management agency, in the context that external impacts have eased, the liquidity of the system of credit institutions has improved.
Principles of increasing credit norms in the direction that credit institutions with better liquidity and lower interest rates will enjoy higher credit growth.
The Governor requested units to balance appropriate capital to grant credit, to focus capital on production and business sectors, especially priority fields, such as agriculture and rural areas, exports, and small and medium-sized enterprises. Credit expansion must go hand in hand with term risk control to ensure liquidity, safety, and solvency, especially during the Lunar New Year.
The State Bank will closely monitor the situation, have solutions to support liquidity in a timely manner through channels, in case of need, support with a longer term, including extending the deadline past the New Year so that organizations credit with peace of mind when granting credit.
The management agency also said that in the coming time, it will closely follow the forecasts and situations, especially the evolution of inflation to develop directional targets and solutions for monetary and credit management in 2023.
The liquidity of the economy is a matter of recent concern, in which the bank credit channel is a bottleneck. The high loan growth in the first half of the year made many banks hit the ceiling of credit growth, unable to meet the capital needs of businesses and people. The situation of restricting, stopping receiving loan applications, stopping disbursement caused business plans of enterprises, consumption and investment of individual customers to be affected…
Among the solutions to remove this bottleneck, many experts have proposed to widen the credit room to create room for banks to expand lending. According to data from the State Bank, the credit balance of the whole economy as of September reached nearly VND 11.6 million billion, up 11.05% compared to the end of last year. With the extension of credit growth limit this year by 1.5-2%, it is estimated that the credit scale for the economy can increase by 156,000-200,000 billion dong.
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