Want to be in the loop?
subscribe to
our notification
Business News
CENTRAL BANK TARGETS CREDIT GROWTH OF 12 PERCENT IN 2021
The State Bank of Vietnam (SBV) targets a credit growth rate of 12 percent in 2021, equivalent to the growth of 12.13 percent last year, according to SBV Deputy Governor Dao Minh Tu.
The State Bank of Vietnam (SBV) targets a credit growth rate of 12 percent in 2021, equivalent to the growth of 12.13 percent last year, according to SBV Deputy Governor Dao Minh Tu.
However, the goal is not a fixed figure, as the central bank may adjust it if necessary, Tu said at a press conference in Ho Chi Minh City on January 7.
He said that in case the COVID-19 pandemic is totally controlled, and the economy needs fast recovery, leading to an increased credit demand, the SBV will expand credit to support businesses and economic recovery.
Vice versa, if there is signs that the economy needs tighter control to curb inflation, the credit growth will be slashed, he said.
Tu added that the support for businesses during the post-pandemic period is defined as one of the major tasks of the banking sector in 2021.
The bank is submitting a proposal to the Prime Minister on the adjustments of regulations on foreign credit institutions and bank branches’ debt restructuring, interest and fee reduction and exemption and debt classification maintenance to support customers affected by COVID-19.
In 2020, the SBV exerted numerous efforts to maintain a suitable credit growth rate, while credit for risky areas was tightly controlled. Credit institutions also launched many programmes to offer soft loans to customers.
As of December 31, 2020, credit outstanding loan of the economy reached nearly 9.2 quadrillion VND, up about 12.13 percent year on year. The rise was 13.65 percent in 2019.
Source: VIR
Related News
VIETNAM’S GDP TO GROW 5.5% THIS YEAR – WB
This forecast is based on the assumption of a moderate recovery in manufacturing exports in 2024, fueled by rebound growth of 8.5% year-on-year in the fourth quarter of 2023 and 17.2% year-on-year in the first quarter of 2024, reflecting strengthening global demand, said Dorsati Madani, senior country economist at the WB in Vietnam.
FARE REFUND FOR VISA REJECTION
Cathay Pacific will offer full refunds for cases of visa rejection to provide you with the confidence to explore the world with ease. If you are planning to fly to a destination that requires an entry visa, you can now book with greater peace of mind.
FOUR COMMODITIES POST Q1 EXPORT VALUE OF OVER 5 BILLION USD
The total export turnover of agricultural, forestry, and fisheries products in the first three months of 2024 is estimated to reach 13.53 billion USD, an increase of 21.8% compared to the same period of 2023.
MOIT PROPOSES SCHEME TO BOOST RENEWABLE ENERGY PROCUREMENT
The proposed Direct Power Purchase Agreement (DDPA) mechanism, outlined in the draft decree, targets organisations and individuals consuming electricity from the 22kV power grid or higher, with a monthly consumption averaging 500,000kWh. However, residential households are excluded from direct procurement.
REAL ESTATE BONDS PLACE PRESSURE ON ISSUING FIRMS
The ministry’s recent report underscores concerns within Vietnam’s corporate bond market for 2023 and 2024. It emphasizes the critical need to address hindrances to the real estate sector in line with the objectives provided in Government Resolution No. 33/NQ-CP, which aims to stabilize the industry.
DA NANG CUSTOMS FOCUSES ON DEVELOPING CUSTOMS-BUSINESS PARTNERSHIPS
Da Nang Customs Department issued an action plan for developing customs-business partnership in 2024. One of the new events this year is the workshop on “Settlement reports for enterprises engaged in outsourcing, export production and export processing” held in Da Nang Customs Department on April 16, 2024.