Credit growth at 8.63pct as of October 31

14-Nov-2014 Intellasia | TPO | 6:00 AM Print This Post

The credit growth of the entire banking system as of October 31, 2014 was 8.63 percent compared to the end of 2013, Credit Department under the State Bank of Vietnam (SBV) reported.

In order to achieve this result, says the central bank, it has issued a number of policies to support five prioritised sectors such as agriculture and rural area, export, small and medium sized enterprises (SMEs), high-tech firms and supporting industry.

At the same time, the central bank also directed credit institutions to balance their capital source to timely meet the borrowing demand in these five prioritised sectors and step by step remove credit barriers to the real estate market, exclude some sectors in real estate market and consumption field from non-production/or discouraging area and gradually remove all barriers in lending activities to these sectors.

Regarding the current credit structure, as of the end of September, the total outstanding loans for agriculture and rural development accounted for 19 percent of the total loans to the economy, up 6.9 percent from the end of 2013, loans for SMEs made up 24 percent, up 4.5 percent, loans for export accounted for 5 percent, up 7 percent, loans for supporting industry made up 3 percent, up 7 percent and loans for high-tech firms constituted 0.5 percent of the total loans, up 15.4 percent against the end of 2013.

 


Category: Finance, Vietnam

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