return icon

An additional $3.5 billion to be put into the economy

Four banks include VPBank, HDBank, MB and Vietcombank has just adjusted its credit room for the third time this year.

VNDirect Securities Corporation estimates that about VND83.5 trillion (US$3.5 billion) will be added to the economy after some banks continue to adjust their credit growth limits for this year.

Four banks, VPBank, HDBank, MB and Vietcombank have just adjusted its credit room for the third time this year.

According to VNDirect's data, VPBank has the highest credit growth at this time, adding up to 11.5 per cent, bringing the credit growth for the whole year to 27.2 per cent.

This result is higher than VNDirect's previous forecast of 23 per cent and 20.2 per cent higher than last year, followed by HDBank and MB with the limits extended by 5.1 per cent and 5 per cent respectively.

It brings the full-year credit growth at these two banks to more than 23 per cent and also higher than VNDirect's previous forecast of 20 per cent.

As for Vietcombank, the credit room was added by 0.9 per cent, meaning their full-year credit growth could reach 18.6 per cent.

Up to this point, these are the four banks that are granted the highest credit room in the system, while the remaining banks have only 10-15 per cent room for the whole year.

Based on VNDirect's calculations for 18 banks, about 80 per cent of system credit, the total credit growth of this group after the adjustment will reach about 13.6 per cent by the end of the year.

"This is a move to reallocate credit lines among commercial banks and the State Bank's target of 14 per cent is still maintained," VNDirect said.

At the beginning of September, the State Bank of Viet Nam had an additional adjustment of credit limits for many commercial banks, including the above four banks.

The additional credit growth limit ranges from 0.7 - 4 per cent; in which, Sacombank was granted an additional maximum limit of 4 per cent.

Representatives of banks said that with the additional credit room, banks would continue to control credit growth in essential sectors and industries of the economy, priority areas of the Government, well control liquidity and credit risk, ensure that bad debt ratio is controlled at a low level.

The State Bank of Viet Nam said that the adjustment of the credit room was based on the assessment of the operation of credit institutions in accordance with its regulations, contributing to controlling inflation and stabilises the money market.

At the same time, credit institutions are encouraged to improve their business administration, operational safety, and healthy banking system.

In response to experts' suggestions about the full-year credit growth target that can be adjusted to 15 - 16 per cent, Nguyen Thi Hong, SBV Governor said credit management was a very important tool to focus on controlling inflation this year and next.

The State Bank of Viet Nam will continue to maintain its credit growth target of 14 per cent for this year and its consistent policy management is right and won, which is highly appreciated by international organisations.

A report by the SBV’s Monetary Forecasting and Statistics Department shows that credit growth has reached 10.96 per cent and credit demand is forecasted to continue to increase in the last months of the year as of September 28. — VNS


Vietnam demands Taiwan to cancel illegal drills in Truong Sa’s waters

Vietnam resolutely opposes and demands Taiwan (China) to cancel its live-fire exercises in the waters around Ba Binh island that belongs to Vietnam's Truong Sa (Spratly), Vietnamese Foreign Ministry spokeswoman Le Thi Thu Hang stated on December 2.

Make-in-Vietnam cameras have high security, satisfy standards

Make in Vietnam camera manufacturers are enhancing security capability and satisfying requirements on information security set by the Ministry of Information and Communications (MIC) for devices such as cameras and Internet of Things (IoT).

Government plans to rearrange state-owned enterprises till 2025

Deputy Prime Minister Le Minh Khai has signed a decision approving a plan of rearrangement of state-owned enterprises for the period of 2022-2025 in the form of one-member limited company, equitization, re-arrangement and divestment.

Transport Ministry urges new ship channel for large vessels in Mekong Delta

The Ministry of Transport has urged Tra Vinh Province to implement compensation payment for site clearance and resettlement support to build a new ship channel for large vessels in the Hau River.

Toan retains WBA Asia belt against Amparo in Bangkok

Le Huu Toan successfully defended his World Boxing Association (WBA) Asia minimum-weight (48kg) belt during The Challenger event on November 30 in Bangkok, Thailand.

Billions of dollars from foreigners invested in Vietnam’s enterprises

Foreign capital keeps flowing into Vietnam through many different channels, helping investors regain their confidence in the stock market and the economy.

Urban areas, parks to be built on Red River alluvium grounds

Hanoi authorities plan to build new urban areas and eco-friendly housing, and develop open space with parks, urban squares and flood parks on thousands of hectares on the alluvium grounds of the Red River area.

Target of 1 million social housing units difficult to reach

The goal of developing 1 million social housing units may not be feasible.

Ministry to control rice import management

The Ministry of Industry and Trade (MOIT) fears the high level of rice imports and the failure to control imports will affect domestic production.

Gambling soars during World Cup

Football betting is taking place in the open air at venues where people gather to watch World Cup matches, or quietly online.

Michelin Guide to announce first Vietnamese restaurant selections

Hanoi and Ho Chi Minh City have been selected by Michelin as the latest destinations joining the international selection, as compiled by the Michelin Guide.

Ministry to crack down on Internet ads violations

The Ministry of Information and Communications held a conference in Hanoi on November 30 to roll out Internet advertising management measures.

Seven-day Tet holiday fixed for State employees

Officials, civil servants, public employees and workers of State administrative and socio-political organisations will enjoy a seven-day Lunar New Year (Tet) and four-day National Day holidays next year.

Vietnam has opportunity for energy transition towards green growth

Vietnam boasts substantial potential for wind power, particularly offshore wind power, providing an opportunity for the country to fulfill its energy transition target towards green growth.

PM requests combined efforts to combat IUU fishing

Prime Minister Pham Minh Chinh called for concerted efforts to fight illegal, unreported and unregulated (IUU) fishing while chairing a teleconference with 28 coastal provinces and cities on December 1.