Vietnam posts over 17 percent credit growth

Wednesday, 15/06/2022 21:48
Vietnam’s credit growth as of June 9 expanded by 17.09 percent against the same period last year, Vietnam News Agency quoted saying of Deputy Governor of the State Bank of Vietnam (SBV) Dao Minh Tu on June 15.

Customers at a branch of Vietnam Prosperity Joint Stock Commercial Bank (VPBank).
(Photo: VNA)

He revealed the figure at a press conference held by the central bank to review the performance of the banking sector in the first six months of this year, adding that it is in line with the more positive developments of the economy.

According to the SBV Deputy Governor, during the period, credit and monetary policies have gradually been harmonised with the new normal, focusing on increasing investment in various fields of the economy. Since the beginning of this year, the SBV has directed institutions to concentrate credit on business and production, and prioritised fields as well as strictly controlling credit for potential risk areas.

In the coming time, positive credit growth along with the impact of the economic stimulus package will support the nation's economic recovery, he said.

By the end of April, credit institutions have extended the payment deadline and reduced interest rates for debts worth over 695 trillion VND (29.8 billion USD) for 1.1 million customers. Banks have also frozen and waived interest rates for about 490,000 clients with combined outstanding loans of nearly 91 trillion VND.

Vietnam is likely to face the risk of inflation in the future, he said, adding that the global monetary and financial situation has many fluctuations that will affect the country because its economy is open.

He said that the SBV will monitor market developments at home and abroad as well as the pandemic situation to synchronously and flexibly manage monetary policies to control inflation, stabilise the macro-economy and support economic recovery.

Vietnamese noodles gain easier entry to EU

Vietnamese products sold in Europe such as vermicelli made of cassava, rice noodles and Pho have been removed from the list of agricultural product groups which need to be strictly inspected when exporting to the market, according to the Office of the Ministry of Industry and Trade.

The specialty of vermicelli produced in the suburbs of Hanoi is favored by Vietnamese and international consumers. (Photo: sggp.org.vn)

The Ministry of Industry and Trade on June 13 said that the EU published an amendment to the new regulation on emergency measures to control food exported to the EU. The regulation takes effect from July 3, 2022.

However, the EU continues to maintain the requirement of supplementing food safety certificates with shipments of instant noodles originating from Vietnam in ingredients containing spices and some other ingredients and additives.

At the same time, the EU continues to maintain dragon fruit products in the list that requires additional food safety certificates, with the reason that dragon fruit is still at high risk of food insecurity. The spice groups are still subject to the EU border inspection frequency of 50%.

“Therefore, from July 3rd, Vietnamese shipments of vermicelli noodles to the EU do not need to supplement with a certificate of food safety issued by the Ministry of Industry and Trade and are not controlled at the EU border gate,” the Ministry said.

Foreign-invested enterprises enjoy trade surplus of over 13.6 billion USD

Despite being heavily hit by the COVID-19 epidemic, Vietnam's exports in the first 5 months of the year still maintained a double-digit growth rate, of which the foreign-invested sector (FDI) had a trade surplus of 13.6 billion USD.

Vietnam’s exports increased by more than 16% in the 5 months. (Photo: VNA)

According to statistics of the Ministry of Industry and Trade, the country’s export turnover in the 5 months was estimated at 152.96 billion USD, up 16.4% over the same period last year.

Among them, the domestic enterprises sector earned an export turnover of 40.24 billion USD, up 20.8% year on year, while exports of the foreign-invested sector (including crude oil) were estimated at 112.562 billion USD, up 14.8%.

In the opposite direction, imports of the domestic enterprises sector were valued at 53.36 billion USD, up 14.7% year on year, while the FDI sector imported 98.93 billion USD, up 14.9%.

Statistics show that export turnover of processed industrial products over the past 5 months still maintained a relatively high growth rate of 16%, the absolute value was estimated at 131.39 billion USD, accounting for 85.9% of the total export turnover. This has made a positive contribution to Vietnam’s trade.

Thus, after 5 months, the domestic enterprises sector has a trade deficit of about 13.115 billion USD, while the FDI sector enjoyed a trade surplus of 13.631 billion USD.

Vietnam joins 53rd International Fair of Algiers

Vietnamese typical products, including rice, tea, coffee, traditional long dress and palm-leaf conical hats, are being on show at the 53rd International Fair of Algiers at the Safex Exhibition Centre, reported VOV News.

At the Vietnamese pavilion at the 53rd International Fair of Algiers held at the Safex Exhibition Centre. (Photo: VNA)

Vietnamese handicrafts and food were also introduced at the fair which opened on June 14.

A total of 698 companies, including 187 foreign companies from about 20 countries worldwide participated in the four-day event.

They operate in multiple sectors, namely energy, construction, agriculture, industry, services, garments and textiles, aviation, and education, among others.

The fair, one of the largest in Africa, is expected to pave the way for Algerian investment and export promotion activities towards the goal of achieving US$7 billion worth of non-oil export value this year.

Vietnam to have at least three int’l-standard maritime economic centres: Ministry

Illustrative image (Photo: VNA)

The Ministry of Planning and Investment has sent a document to the Prime Minister asking for approval of a project to develop maritime clusters associated with building strong maritime economic centres until 2030, which sets a target of building from three to four centres leading Southeast Asia, reported Vietnam News Agency.

The southern province of Ba Ria – Vung Tau and the southeast part of Ho Chi Minh City, and the Hai Phong – Quang Ninh region in the north are the two places proposed to host Vietnam’s strong maritime economic centres.

The ambitious project also aims to form maritime clusters in advantageous marine and coastal regions, striving to establish seven clusters by 2030.

The economic growth rate of the key regions to develop maritime clusters associated with maritime economic centres is expected to be equal to at least 1.2 times that of the nation’s average.

Seaports and logistics services will be prioritised in almost all maritime economic regions./.

 

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