Credit growth reached about 13% this year as of December 27, Deputy Governor of the State Bank of Vietnam (SBV) Dao Minh Tu told a press conference in Hanoi on tasks for the banking sector next year.

The State Bank of Vietnam (SBV)’s recent decision to revise up the 2022 credit growth target of the banking system has eased access to bank loans amid a credit crunch, especially at the peak season to prepare for Lunar New Year (Tet).

The State Bank of Vietnam (SBV)’s recent decision to increase credit room by 1.5-2% for credit institutions aims to increase resources and the supply of credit to businesses and key sectors of the economy, SBV Deputy Governor Dao Minh Tu has said.

The State Bank of Vietnam has raised the domestic banking system’s credit growth by 1.5-2.0 percentage points from the previous 14% limit on December 5.

Credit of the banking system by the end of October this year rose by 11.5% compared to the end of 2021, Bao Viet Securities Company (BVSC) said, citing data from the State Bank of Vietnam (SBV).

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.

The State Bank of Vietnam (SBV) has announced adjustments to credit growth targets for banks in 2022.

The first half of this year saw a swift economic rebound as Vietnam’s pandemic restrictions eased following the adoption of a living-with-COVID strategy and a robust vaccination drive, according to an article published on the website of the International Monetary Fund (IMF), imf.org.

Banks are forecast to have a credit expansion at the end of the third quarter of 2022, according to Saigon Securities Incorporation.

A Ho Chi Minh City programme to link banks and businesses has seen around VND93 trillion (US$3.97 billion) disbursed so far this year to help revive the economy which was battered for two years by the COVID-19 pandemic.