Business

Credit grows 7.42 percent

SGGP
Mr. Dao Minh Tu, Deputy Governor of the State Bank of Vietnam (SBV), on October 12 at a press conference of the SBV, informed that the credit of the whole banking system rose by 7.42 percent compared to that at the end of last year and surged by 5.48 percent compared to the same period in 2020. 

Credit grows 7.42 percent  ảnh 1 Mr. Dao Minh Tu, Deputy Governor of the State Bank of Vietnam (SBV). (Photo: VGP)
It is a positive result in the context of a complicated Covid-19 outbreak. The capital demand and supply for the economy still increased. The SBV's monetary policy is still operated in the direction of supporting economic recovery in the context of complicated developments of the Covid-19 pandemic and realizing the Government's dual goals of combating the pandemic and ensuring economic development. The SBV has continued to strictly control credit for sectors forecasted to have many potential risks, such as real estate, securities, BOT, and BT investment.

By the end of September, credit institutions have provided new loans of VND5.2 quadrillion with lower interest rates than before the pandemic to 800,000 customers (accumulated from January 23, 2020); exempted, reduced, and lowered interest rates for about 1.7 million customers affected by the Covid-19 pandemic with the outstanding balance of nearly VND2.5 quadrillion. From January 23, 2020, to the end of September, the total amount of interest exempted, reduced, or lowered by credit institutions for customers was about VND27 trillion. 

By Luu Thuy – Translated by Gia Bao

Other news