Credit growth stands at nearly 10.5% as of mid-Sept

As of September 16, credit grew 10.47% against the end of 2021 and 17.19% against the same period last year, according to Deputy Governor of the State Bank of Vietnam (SBV) Dao Minh Tu.

He revealed the figures at a routine press conference for the third quarter of 2022 recently held in Hanoi.

The majority of the credit was poured into business and production and priority areas in an effort to revive the economy hard hit by the COVID-19 pandemic.

The SBV aims to maintain credit growth at around 14% to support the economic recovery but it will not lower guard against inflationary risks, Tu said, adding that the central bank has requested lenders to give priority to borrowers in business and production, and limit the credit into high-risk sectors, providing a sustainable engine for growth.

Tu held that the bank will continue keeping a close watch on the developments of both domestic and global markets; and flexibly but cautiously adopting monetary policies alongside fiscal and macro-economic ones to keep inflation under control and stabilise the economy.

Last week, the central bank revised regulatory interest rates up by 1%, the SBV Deputy Governor said, adding it plans to campaign lenders to stablise interest rates and consider lowering those applicable to loans in priority areas.