The country's total means of payment next year will increase roughly by16 to 18 percent against December, according to the State Bank ofVietnam (SBV).
News website Vneconomy.vn quoted SBV as saying that the credit growth will be between 12 percent and 14 percent.
Theforecast was based on a government report on socio-economic developmentin 2015, which plans a GDP growth of 6 to 6.2 percent and inflation at 7percent.
The central bank said that it will continuously applyflexible monetary and fiscal policies to meet the Government's targetsof controlling inflation and stabilising the macro-economy.
Theexchange rate will be also managed flexibly to boost economic growth,increase foreign reserves and ensure the value of the Vietnamese dong.
SBV will also implement credit policies to continuously remove difficulties for businesses to boost domestic production.
The central bank has so far applied monetary policies in accordance with the government's inflation control target.
Accordingto SBV, the total means of payment by August 29 increased 9.09 percentagainst December last year, while capital mobilisation rose 8.52 percentand the credit growth was 6.21 percent.
SBV Governor Nguyen VanBinh attributed the low credit growth to weak capital absorptioncapacity of the economy, unsolved budget debts and the process ofhandling collaterals along with the loan underwriting mechanism forenterprises.
Binh anticipated that the credit will increase roughly 10 percent by the end of the year.
CaoSy Kiem, Chairman of the Management Board of DongA Bank, said that thecapital demand may increase in the last few months of the year whenbusinesses get busy, preparing for Tet festival. However, he added thatthe 10 percent target is achievable only if the Government's programmesto bolster the total demand are laid out clearly with every singleeffective step and are taken seriously, while banks and enterprises areable to work co-operatively to pump and absorb capital.
Currently,credit institutions have adjusted the interest rate of old loans. As ofAugust 14, the outstanding loans in dong with an interest rate of morethan 15 percent accounted for 4.45 percent of the total number of loans,while the outstanding loans with an interest rate of more than 13percent accounted for 12.45 percent.-VNA
News website Vneconomy.vn quoted SBV as saying that the credit growth will be between 12 percent and 14 percent.
Theforecast was based on a government report on socio-economic developmentin 2015, which plans a GDP growth of 6 to 6.2 percent and inflation at 7percent.
The central bank said that it will continuously applyflexible monetary and fiscal policies to meet the Government's targetsof controlling inflation and stabilising the macro-economy.
Theexchange rate will be also managed flexibly to boost economic growth,increase foreign reserves and ensure the value of the Vietnamese dong.
SBV will also implement credit policies to continuously remove difficulties for businesses to boost domestic production.
The central bank has so far applied monetary policies in accordance with the government's inflation control target.
Accordingto SBV, the total means of payment by August 29 increased 9.09 percentagainst December last year, while capital mobilisation rose 8.52 percentand the credit growth was 6.21 percent.
SBV Governor Nguyen VanBinh attributed the low credit growth to weak capital absorptioncapacity of the economy, unsolved budget debts and the process ofhandling collaterals along with the loan underwriting mechanism forenterprises.
Binh anticipated that the credit will increase roughly 10 percent by the end of the year.
CaoSy Kiem, Chairman of the Management Board of DongA Bank, said that thecapital demand may increase in the last few months of the year whenbusinesses get busy, preparing for Tet festival. However, he added thatthe 10 percent target is achievable only if the Government's programmesto bolster the total demand are laid out clearly with every singleeffective step and are taken seriously, while banks and enterprises areable to work co-operatively to pump and absorb capital.
Currently,credit institutions have adjusted the interest rate of old loans. As ofAugust 14, the outstanding loans in dong with an interest rate of morethan 15 percent accounted for 4.45 percent of the total number of loans,while the outstanding loans with an interest rate of more than 13percent accounted for 12.45 percent.-VNA
