Credit enjoys two-fold increase against same period

Thursday, 24/06/2021 10:06
(CPV) - Thanks to synchronous management solutions, as of June 15, total credit in the economy expanded 5.1% from the end of 2020.

The information was announced by the State Bank of Vietnam (SBV) at a press conference on June 21 to review the banking sector’s activities in the first half of 2021.

Deputy Governor of the State Bank of Vietnam Dao Minh Tu chaired the press conference (Photo: CPV)

According to SBV’s statistics, the deposit and lending interest rates in April decreased by about 0.3% per year against December 2020. The maximum short-term lending interest rate in VND in some priority sectors and fields is 4.5% per year; the average USD lending interest rate is 3-6% per year.

The SBV has consistently advocated flexibly operating monetary policy instruments, maintaining system liquidity; and synchronized monetary, credit and liquidity solutions to stabilize the market and recover growth in the face of unpredictable impacts of the COVID-19 epidemic.

By June 15, the total means of M2 payment increased by 3.96% compared to the end of 2020 and increased by 14.27% compared to the same period last year.

In credit management, the bank continues to implement solutions to remove difficulties in accessing bank credit, creating favorable conditions for businesses and people to borrow bank credit. With synchronous management solutions, by June 15, the credit of the whole economy increased by 5.1% compared to the end of 2020.

In particular, in order to continue to support customers to overcome difficulties caused by the epidemic, the SBV has issued Circular 03/2021/TT-NHNN amending and supplementing Circular 01/2020/TT-NHNN regulating Credit institutions and foreign bank branches restructuring debt repayment terms, exempting or reduce interesting and fees, and maintaining debt groups.

As of May 31, credit institutions have rescheduled debt repayments for 257,602 borrowers with total outstanding loans of over 336.6 trillion VND (14.61 billion USD), exempted or reduced interest for 676,690 customers with total outstanding loans of over 1.2 quadrillion VND, and provided new loans with low interest rates totaling over 3.5 quadrillion VND for nearly 481,000 borrowers.

At the press conference, SBV Deputy Governor Dao Minh Tu said that from now until the end of the year, the SBV will continue to control interest rates in line with macroeconomic balance, inflation, market movements and monetary policy goals to reduce capital costs for people, businesses and the economy.

In addition, the bank will coordinate with relevant agencies to propose and implement loan policies to support salary payment for workers suffering job interruption or disruption of production due to the impact of COVID-19; and to strictly control credit in potentially risky areas such as real estate, build-operation-transfer (BOT) and build-transfer (BT) projects, and securities/.

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