Vietnam works to improve credit growth in the rest of 2023 | Economy

2023-10-09 05:20:14

Photo illustration (Source:VNA) Hanoi (VNA) Through the implementation of drastic solutions, credit is expected to increase positively in the final months of the year in Vietnamthus eliminating difficulties for
companies and helping to boost the economy.

Pham Thanh Ha, deputy governor of the BEV, reported that in the first nine months of 2023, the Government and Prime Minister Pham Minh Chinh have led the organization of numerous conferences and meetings with ministries, branches and associations on the topic.

While the banking entity has also organized 12 conferences and meetings to discuss and has issued 11 guidance documents on solutions aimed at improving access to credit in favor of a series of objects, branches and sectors, among others, he noted.

Thanks to the deployment of these solutions, as of September 29, credit growth reached more than $531 million, a growth of 6.92 percent compared to the end of 2022.

According to Nguyen Thi Huyen Thuong, Director of Nagakawa Group, Vietnamese banks still need to continue reviewing and issuing policies to reduce and provide additional incentives on interest rates and implement them soon to support businesses.

While Nguyen Thi Vinh, president of the Businesswomen Association of Thai Nguyen Province, highly evaluated the political management of the State Bank of Vietnam, especially the interest rates.

The interest rates of some domestic banks are even competitive with those of loans with foreign organizations, he praised.

However, it must be recognized that loan interest rates decline more slowly than deposit interest rates, he added.

So far this year, deposit interest rates in the market have fallen by 2 percent but loan interest rates have only fallen by 0.5 to 1 percent, therefore, it can be Saying that banks continue to further decrease lending rates is the common expectation of most companies today, he noted.

Dao Minh Tu, permanent deputy governor of the BEV, stressed that the banking industry has taken and will continue to deploy drastic measures in the matter and, at the same time, said that it is necessary to have the company of the ministries, branches and localities in the task, in order to to create conditions aimed at eliminating difficulties for companies to advance in the difficult economic context./.