Credit growth target is within reach to contribute to boosting economic growth: SBV
A farm household in Bắc Giang borrowed money from banks to invest in a poultry breading farm. Expanding investments to drive economic growth is a priority in achieving the credit growth target. — VNA/VNS Photo Trần Việt |
After sluggish months earlier this year, credit growth has recently surged, reaching 7.75 per cent as of September 7, Tú said on Saturday, citing statistics. He added that the target of a 15 per cent credit growth rate for the full year is within reach.
He emphasised that the focus of credit growth should be on promoting investments to help accelerate economic growth.
Efforts have also been made to gradually lower interest rates.
Lending rates of new loans this year averaged 6.23 per cent, 0.86 per cent lower than the end of 2023 while deposit rates averaged 3.84 per cent, up 0.23 per cent. The slight increases in deposit rates were only seen at several small commercial banks, he said.
The exchange rates remained stable with the Vietnamese đồng losing around 1.5 per cent against the US dollar, much lower than other countries. Tú said that the central bank will continue to maintain stable and reasonable foreign exchange rate policies to attract foreign investments.
Tú stressed that another crucial factor is increasing the capital absorption capacity of enterprises, which will require a combination of macroeconomic policies to create favourable conditions for businesses.
He said that the lending capacity of the banking system can meet the capital demand of the economy.
Procedures would be further simplified together with accelerating the application of technology to create favourable conditions for both borrowers and lenders, Tú said, adding that commercial banks are urged to focus the credits in prioritised sectors as directed by the Government.
To accelerate the disbursement of the VNĐ140 trillion (US$5.5 billion) credit package for social housing development, the State Bank of Việt Nam have lower lending rates for homebuyers from 2 per cent to 3 per cent lower than the average of four big commercial banks. The lending term for preferential rates will also be prolonged from 5 to 10 years.
Besides, the disbursement of the credit package for seafood export exceeded VNĐ30 trillion to reach VNĐ36 trillion. The Government planned to increase the package to around VNĐ50-VNĐ60 trillion.
With drastic policies, credit growth is expected to contribute to achieving the economic growth target of 6.5-7 per cent this year, Tú said.
Related News
Latest News
Stock market sees notable recovery amid ongoing uncertainties
14:14 | 14/10/2024 Finance
E-commerce tax collection in Hanoi increased by 265%
10:28 | 13/10/2024 Finance
Solving necessary and urgent issues in financial and budgetary sectors
10:57 | 12/10/2024 Finance
Banks reduce profit expectations for 2024
14:54 | 11/10/2024 Finance
More News
A new tax management approach needed to promote business household development
09:19 | 11/10/2024 Finance
Fifteen Vietnamese banks named in the global top 500 banking brands
15:23 | 10/10/2024 Finance
Digital infrastructure strategy approved
15:21 | 10/10/2024 Finance
Drastically handle tax debts in the last months of the year
09:41 | 10/10/2024 Finance
Realized social investment capital is estimated at VND2,417.2 trillion
14:22 | 09/10/2024 Finance
State-owned banks struggle to increase capital
14:19 | 09/10/2024 Finance
State budget revenue reached 85.1% of estimate
10:17 | 08/10/2024 Finance
Budget expenditure in the first three quarters of 2024 reached about VND 1,256.3 trillion
10:13 | 08/10/2024 Finance
Increasing institutional investors – improving quality of corporate bond market
10:52 | 07/10/2024 Finance
Your care
Stock market sees notable recovery amid ongoing uncertainties
14:14 | 14/10/2024 Finance
E-commerce tax collection in Hanoi increased by 265%
10:28 | 13/10/2024 Finance
Solving necessary and urgent issues in financial and budgetary sectors
10:57 | 12/10/2024 Finance
Banks reduce profit expectations for 2024
14:54 | 11/10/2024 Finance
A new tax management approach needed to promote business household development
09:19 | 11/10/2024 Finance