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Banking & Finance

Credit growth doubles in first eight months

Released at: 14:43, 07/09/2015

Credit growth doubles in first eight months

Growth to August 25 at 9.54% compared to 4.33% in the same period last year, with most going to government-identified priority sectors.

by Hung Khanh

The Credit Department at the State Bank of Vietnam (SBV) has recently released a report on the credit situation in Vietnam.

As at August 25, total credit in the economy had grown 9.54 per cent against the same period in 2014, when it was 4.33 per cent.

Credit flowed strongly to priority sectors identified by the government.

Credit to agriculture and rural development provided by financial institutions (excluding the Vietnam Bank for Social Policy and the Vietnam Development Bank) as at the end of August was estimated at VND811.63 trillion ($36.1 billion), an increase of 9 per cent since December 31, 2014.

Meanwhile, credit to the export sector was VND184.59 trillion ($8.21 billion), an increase of 4.99 per cent, to the high-tech equipment sector VND25.614 trillion ($1.13 billion), up 29.12 per cent, to support industries VND110.62 trillion ($4.92 billion), an increase of 3.2 per cent, and to small and medium-sized enterprises (SMEs) VND976.72 ($43.45 billion), up 4.07 per cent against the end of 2014.

At the beginning of the year the banking sector set target of recording credit growth of around 13-15 per cent for the year and later increased it to 15-17 per cent. Many experts expect to see credit growth exceed 17 per cent for the year due to the tendency of credit to increase significantly in the fourth quarter.

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