Credit grows 10.22% in 11 months
Credit organisations posted a growth of 10.22% in the first 11 months of 2014, according to the latest statistics released by the State Bank of Vietnam (SBV).
The central bank said that November saw the largest expansion of credit. Earlier, by October 24, it grew only 7.85% compared to the same period last year.
In some commercial banks, the year-end is a good time for credits to hit targets. The Vietnam Bank for Agriculture and Rural Development (Agribank)’s branch in central Thanh Hoa province said it has fulfilled 95% of the set credit growth target of 17.7% while its branch in the northern province of Ninh Binh reported its credit growth of 26% in the 11-month period, meeting 97% of the goal.
With this pace, this year’s credit growth target of 12-14% set by the SBV is likely to be reached, experts said.
Earlier, a survey conducted by the central bank’s Monetary Statistics and Forecast Department revealed that up to 90% of credit institutions expected their mobilised capital and outstanding credit debt to grow by 4.96 -5.13% during the fourth quarter, and by 14.4-14.5% for 2014.
In some commercial banks, the year-end is a good time for credits to hit targets. The Vietnam Bank for Agriculture and Rural Development (Agribank)’s branch in central Thanh Hoa province said it has fulfilled 95% of the set credit growth target of 17.7% while its branch in the northern province of Ninh Binh reported its credit growth of 26% in the 11-month period, meeting 97% of the goal.
With this pace, this year’s credit growth target of 12-14% set by the SBV is likely to be reached, experts said.
Earlier, a survey conducted by the central bank’s Monetary Statistics and Forecast Department revealed that up to 90% of credit institutions expected their mobilised capital and outstanding credit debt to grow by 4.96 -5.13% during the fourth quarter, and by 14.4-14.5% for 2014.