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).

Prime Minister Pham Minh Chinh chaired a meeting between permanent Government members and some ministries and sectors on December 6 to discuss macro-economic, fiscal, and monetary policies.

Standard Chartered Bank has raised its Vietnam GDP growth forecast for 2022 to 7.5% from the previous 6.7% and for 2023 to 7.2% from 7.0% to reflect robust Q3 growth of 13.7% year-on-year. The last quarter 2022 growth is anticipated at 4.0%.

As many major central banks tightened monetary policies to contain soaring inflation, the State Bank of Vietnam (SBV) on September 22 also decided to hike its benchmark interest rate by 100 basis points, effective September 23.

The State Bank of Vietnam (SBV) will persist in monetary policy management solutions towards macroeconomic stability, but closely follow all developments to manage the situation in an appropriate manner, SBV Governor Nguyen Thi Hong said, given the Federal Reserve System (Fed)’s latest interest rate increase.

VOV.VN - Ensuring macro-economic stability and enhancing resilience of the national economy are always the top goal amid unpredictable fluctuations and uncertainties of the global and regional situation.

VOV.VN - The nation recorded the highest level of disbursed foreign direct investment (FDI) over the past eight months compared to the same period over the last five years, as well as seeing a growing number of newly-established enterprises and those returning to operation.

Prime Minister Pham Minh Chinh has ordered reviewing legal regulations in an effort to ensure the stable, healthy and sustainable development of the real estate market.

Capital account restrictions largely insulate interest rates in Vietnam from global monetary tightening and the country’s policy rate is expected to increase 50 basis points to 4.5% by end-2023, according to Fitch Ratings.

Deputy Prime Minister Le Minh Khai has ordered the acceleration of the disbursement of financial packages serving the socio-economic recovery programme, particularly rent subsidy for workers as well as support in terms of interest rate for firms and cooperatives.