August 16, 2018 10:56

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Credit in the first 5 months up by 6.16%

15:44 | 12/06/2018

VCN - According to the State Bank of Vietnam (SBV), in the first months of 2018, results of monetary policy and banking operations have been on the right track.

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The interest rates in the first months of 2018 remain stable. Photo: Internet

At the meeting announcing the perfomance results in the first 6 months of 2018 held by SBV on the afternoon of 11th June, in Hanoi, SBV has announced many positive results.

Specifically, the interest rates in the early months of 2018 remain stable, the interest rates on loans to prioritized sectors continue to decline.

In particular, the lending rates at commercial banks have decreased by 0.5% per year for good customers. The common lending rates are around 6-9% per year for short-term loans, and 9-11% per year for medium and long-term loans. The lending interest rates for short term loans for customers with healthy financial status and high credit are only about 4-5% per year

About the foreign exchange market, the SBV said that although this market fluctuated in the first months of the year, the exchange rate and the foreign exchange market were generally stable, the SBV bought a large amount of foreign currencies to replenish foreign exchange reserves to a high level. The trust in Vietnam dong is improved. The gold market continues to be stable and runs well.

Also in the first months of the year, credit rose at the beginning of the year. As of 31st May 2018, credit rose by 6.16% compared to the end of 2017. The credit structure was towards the manufacturing sector, especially the prioritized sectors; credit for potentially risky sectors were strictly controlled.

Along with the positive results from the monetary policy, the restructuring of credit institutions has also been strengthened. According to the SBV, commercial banks have basically completed the restructuring plan associated with handling bad debts, to be submitted to the SBV for approval.

By the end of March, 2018, the total bad debts of the credit institution system accounted for 2.18% of total outstanding debts. Accumulated from 15th August 2017 to the end of March 2018, the system has handled VND100.5 trillion of bad debts determined under Resolution 42/2017 / QH14 of the National Assembly on the pilot handling of bad debts of credit institutions.

At the meeting, Nguyen Thi Hong, deputy governor of the SBV, said that the achievements of the banking sector reflected correctly the performance of the economy, the monetary indicators were very consistent with the plan set out by the SBV.

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However, she also said that from now until the end of 2018, the economy would have many changes including advantages and disadvantages, so the SBV would take effort to control the banking operations, synchronize management tools with reasonable solutions to ensure the objectives of monetary policy and the safety of currency for the economy and people.

Particularly, she also emphasized the operation in order to ensure the control of inflation. Accordingly, the SBV will adjust the monetary policy in compliance with the fiscal policy to have a place for price management.

By Huong Diu/ Huyen Trang