Vietnam posted a credit growth rate of 9.06 percent as of June 30 compared to the end of last year (Photo: VNA)Hanoi (VNA) – Vietnam posted acredit growth rate of 9.06 percent as of June 30 compared to the end of lastyear, which did not pressure interest rates, Governor of the State Bank ofVietnam (SBV) Le Minh Hung said on July 21.
He made the announcement at a teleconference toimplement a National Assembly resolution on bad debt settlement and a plan oncredit institution restructuring and bad debt settlement for 2016-2020.
Credit in the economy has increased rapidly andevenly month on month, which was not the case in previous years, he noted,adding that loans were mainly poured into production and business activities.
Hung said the central bank kept interest ratesstable in the first half of 2017 despite high inflation in late 2016 andearlier this year.
[WB: Vietnamese economy sees positive changes in first half]
As inflation is under control and the SBV wantsto facilitate business activities, the bank ordered credit institutions to cutinterest rates for short-term loans in prioritised fields by 0.5 percent fromJuly 10.
The prioritised fields are agricultural andrural development, exports, activities of small and medium-sized enterprises,development of support industries and high-tech companies.
Interest rates are at about 6 – 6.5 percent forshort-term loans and 8 – 10 percent for medium- and long-term loans, theGovernor added.-VNA
VNA
