SBV sets 2019 credit growth target at 14 percent
Updated : Tuesday, January 08, 2019 9:51 AM (GMT+0700)

The State Bank ofVietnam (SBV) has set the 2019 credit growth target equivalent to the previousyear at about 14 percent, according to SBV Deputy Governor Nguyen Thi Hong.

SBV Deputy Governor Nguyen Thi Hong - Source: VNA

Credit will still be focused on priority fields, ensuringrisk control and supporting economic growth, she said at a press conference inHanoi on January 7.

In 2018, the SBV concertedly and flexibly implemented monetarypolicy instruments to stabilise the currency and foreign exchange markets,contributing to controlling inflation at 3.54 percent (the fifth consecutiveyear when inflation was curbed below 4 percent) and supporting economic growthat 7.08 percent – the highest level in the past 11 years. 

Director of the SBV Department of Monetary Policy Pham ThanhHa said that the restructuring of credit institutions and settlement of baddebt have been promoted with many positive changes. 

As of December 2018, the whole credit institution systemhandled 149.22 trillion VND (6.4 billion USD) of bad debt, he noted. 

Director of the SBV Department of Payments Pham Tien Dungsaid that so far, 76 credit organisations have provided online payment servicesthrough the internet, while 41 others have offered services through mobilephones. 

SBV Deputy Governor Nguyen Thi Hong said the bank willcontinue adopting flexible and harmonious monetary, fiscal, and macroeconomicpolicies to keep inflation under 4 percent again this year. 

The bank will keep a close watch on the developments of themacroeconomy, as well as domestic and international financial and monetarymarkets; while monitoring monetary policy instruments in a proactive andprudent way to stabilise the currency and foreign exchange markets. 

It will actively implement measures to limit dollarisation inthe country and increase public confidence in VND, thus contributing tostabilising the foreign currency and macroeconomic markets.

The SBV will direct credit institutions to increase thequality of credit packages, focusing on the Government’s priority businessfields, and enabling businesses and locals to access credit capital.

It will improve a legal framework to support bad debt settlementand the reshuffle of credit organisations, Hong added.

Source: VNA 

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