Credit growth nearly doubled over same period last year

By June 9, credit increased by 8.15 percent compared to the end of 2021. And after only one week, credit has increased by about 8.2 percent, nearly doubled compared to the same period in 2021. This is a positive signal showing that the economy is recovering strongly.

That was announced by Mr. Dao Minh Tu, Standing Deputy Governor of the State Bank of Vietnam (SBV) at a meeting to release results on banking performance in the first six months of 2022 held in Ho Chi Minh City on June 18.

Accordingly, currently, the total outstanding debt of the economy is more than VND12 quadrillion. With oriented credit growth of about 14 percent in 2022, it will provide an additional VND1.4 quadrillion for the economy. Meanwhile, currently, credit growth has only reached 8.2 percent, so there is still room to provide capital for businesses in particular and the economy in general.

The growth target of 14 percent is for orientation only, and the SBV will make appropriate adjustments to the economic situation. As for the management orientation from now until the end of the year, on the basis of controlling inflation, the banking industry will continue to prioritize capital for businesses and priority sectors, such as rural agriculture and export, to restore the economy.