SBV: credit grew 1.31% by May

(VOVworld) – Vietnam’s banking system has seen a 1.31% credit growth since early this year.

SBV: credit grew 1.31% by May - ảnh 1
Nguyen Thi Hong, Director of the SBV’s Monetary Policy Department

At a press conference in Hanoi on Wednesday, State Bank of Vietnam officials said that although the credit demand remained low, Vietnam is likely to fulfill the set target of 14-percent credit growth thanks to the government’s efforts to remove obstacles for enterprises and implement credit programs.

Nguyen Thi Hong, Director of the bank’s Monetary Policy Department, said that during this month, the VND deposit interest rates for capital mobilization are stable while VND lending rates continue to fall 0.5% per year. Year to date, both VND deposit and lending interest rates were reduced up to 1.5% a year. Currently, many enterprises can access loans at maximum of 6% per year, some even at 4.8%.