The State Bank of Vietnam's headquarters. (Photo: State Bank of Vietnam)Hanoi (VNA) – Credit grew over 13 percent in 2019, slightly below the yearlytarget of 14 percent, a seniorofficial from the State Bank of Vietnam (SBV) told a recent press conference.
This year, thecentral bank will continue to pursue a pro-active, flexible and prudentmonetary policy and work in close on fiscal and other macro-economic policies in a bid to keep inflation below4 percent, and sustain themacro-economy and the financial and foreign exchange markets, while supporting economicgrowth.
The bank plansto adopt measures to restructure financial institutions and help them bettermanage non-performing loans (NPLs) between 2021 and 2025. It also aims toreduce the NPL ratio to below 2 percent.
Last year, theSBV closely complied with the government’s directions and followed market movements in order to come upwith a comprehensive set of solutions to enable companies and people to accessloans at a reasonable rate to support production.
Credit hasbeen largely funneled into businesses and prioritised sectors while high-risk areas have been strictly controlled.
At the end of2019, the NPL ratio stood at 1.89 percent, below the annual target of 2 percent./.
VNA
