Credit growth up 6.09 percent: central bank

Illustrative image (Photo: VNA)

The State Bank of Vietnam (SBV) said on October 2 that as of September 30, credit had expanded 6.09 percent as compared with the end of 2019.

The highest pace was recorded in services, at 6.32 percent, followed by construction (5.89 percent), and agro-forestry-fishery (5.09 percent), according to the central bank.

Credit has given a boost to a number of industries that are serving as the driving force of the national economy like the production and distribution of electricity, gas, hot water and air conditioners; water supply, waste and waste water management and treatment; construction; wholesale and retail; and the maintenance of cars, motorbikes and other motor vehicles.

Amidst economic difficulties, the SBV has pledged to fully meet the capital needs of the economy and create the most favourable liquidity for commercial banks to reduce interest rates in support of their clients.

Speaking at a press conference of the Government in Hanoi on October 2, SBV Deputy Governor Dao Minh Tu said credit growth would reach 8-10 percent this year if the COVID-19 pandemic is well controlled and export and production bounce back.