Hanoi (VNA) – Vietnam’scredit growth has expanded by 8.4 percent from the end of 2018 so far thisyear, the General Statistics Office (GSO) has reported.
Thegain was slower than last year's figure when credit rose 9.52 percent.
Capital mobilised by bankswas also moderate, rising by 8.68 percent compared with 9.15 percentduring the same period last year.
Interest rates remained relativelystable, with the rate of mainly medium- and long-term deposits inching upat some banks that needed capital to meet the central bank’s adequacyratio regulations.
Interest rates forone-to-six month deposits stood at 4.5-5.5 percent per year, 5.5-6.8 percentper year for six-to-12 month deposits, and 6.6-7.5 percent for 13 months andupwards.
Meanwhile, lending rates averaged6 to 9 percent per year for short-term loans and 9 to 11 percent per year formedium- and long-term loans.
In the first nine months, bankslargely met credit demands in the investment, production and business sectors.Notably, banks continued focusing on manufacturing, business borrowers andprioritised industries, as per Government guideline, while loans for riskysectors were under strict control.
The central bank has targetedcredit growth of 14 percent this year, lower than in previous years.Experts have so far hailed the moderate credit growth, saying it was a positivesign for banks' asset quality and capitalisation.
According to Moody’s, tightercredit could lead to rising problem loan ratios. However, lower credit growthencouraged banks to focus on borrowers of better quality, which would improveasset quality in the long term.
Moderate credit growth would alsolower pressure on capital, especially for State-owned banks, the rating agencysaid./.
The State Bank of Vietnam (SBV) has assigned a credit growth limit to each commercial bank in 2019, with priority given to those who met Basel II’s capital safety and risk management standards ahead of schedule.
The banking sector reported a credit growth of 7.33 percent in the first half of this year compared to the end of 2018, Governor of the State Bank of Vietnam (SBV) Le Minh Hung said.
The State Bank of Vietnam (SBV) will hold its benchmark refinancing and discount rates at 6.25 percent and 4.25 percent, respectively, in addition to maintaining its 14 percent credit growth target for the remainder of 2019, experts forecast.
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Illustrative image (Source: VNA) 
