Credit growth reaches 5.8%Credit growth in the first five months of this year reached 5.8 per cent, Deputy Prime Minister Vuong Dinh Hue said. The credit growth was lower than the 6.53 per cent rise in the first five months of 2017 but higher than that of the same period in the previous years. Right at the beginning of 2018, based on economic growth and inflation control targets, State Bank of Viet Nam (SBV) set this year’s credit growth at 17 per cent, lower than 18.17 per cent in 2017. Besides asking credit institutions to target lending to the priority sectors, SBV has so far directed them to avoid too much focus on real estate and securities customers and maintain credit growth in the sectors within safe limits. “Credit expansion should go hand in hand with strict supervision to ensure loans are used for their intended purpose and do not add to bad debts,” SBV said.

Source: VietNamNet News June 08, 2018 07:30 UTC