SBV sets 2019 credit growth target at 14%

The State Bank of Vietnam (SBV) has set the 2019 credit growth target equivalent to the previous year at about 14%, according to SBV Deputy Governor Nguyen Thi Hong.

sbv sets 2019 credit growth target at 14% hinh 0

Credit will still be focused on priority fields, ensuring risk control and supporting economic growth, she said at a press conference in Hanoi on January 7.

In 2018, the SBV concertedly and flexibly implemented monetary policy instruments to stabilise the currency and foreign exchange markets, contributing to controlling inflation at 3.54% (the fifth consecutive year when inflation was curbed below 4%) and supporting economic growth at 7.08% – the highest level in the past 11 years. 

Director of the SBV Department of Monetary Policy Pham Thanh Ha said that the restructuring of credit institutions and settlement of bad debt have been promoted with many positive changes. 

As of December 2018, the whole credit institution system handled VND149.22 trillion (US$6.4 billion) of bad debt, he noted. 

Director of the SBV Department of Payments Pham Tien Dung said that so far, 76 credit organisations have provided online payment services through the internet, while 41 others have offered services through mobile phones. 

SBV Deputy Governor Nguyen Thi Hong said the bank will continue adopting flexible and harmonious monetary, fiscal, and macroeconomic policies to keep inflation under 4 percent again this year. 

The bank will keep a close watch on the developments of the macroeconomy, as well as domestic and international financial and monetary markets; while monitoring monetary policy instruments in a proactive and prudent way to stabilise the currency and foreign exchange markets. 

It will actively implement measures to limit dollarisation in the country and increase public confidence in VND, thus contributing to stabilising the foreign currency and macroeconomic markets.

The SBV will direct credit institutions to increase the quality of credit packages, focusing on the Government’s priority business fields, and enabling businesses and locals to access credit capital.

It will improve a legal framework to support bad debt settlement and the reshuffle of credit organisations, Hong added.

VNA

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