Nguyen Duc Lenh, Deputy Director of the SBV’s Branch in Ho Chi Minh City, said credit growth was fairly high in August and September compared to previous months, consolidating a rising trend.
“This reflects the impact and effectiveness of the credit and monetary policies, along with solutions to support businesses and consumers rolled out by the Government, SBV and Ho Chi Minh City,” he said.
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Credit growth at credit institutions in Ho Chi Minh City is fairly high in August and September compared to previous months, consolidating a rising trend. (Photo courtesy of Vietbank) |
Twenty five meetings have been organized in the city this year to link up banks with businesses, and preferential loan contracts for over 469 trillion VND (19.2 million USD) were signed there, more than exhausting the credit packages the former had registered at the beginning of the year, he said.
Besides, banks have continued to implement the Government’s 2% interest subsidy program, restructure and roll over loans and lend to the city’s five priority sectors and projects under its investment stimulation program.
The SBV’s low interest rate policy has not only supported enterprises to reduce costs but also encouraged them to borrow capital for production, trading and market expansion, Lenh said.
Higher economic growth by the country and city, and a strong performance by manufacturing, tourism, services, and increasing exports have also promoted credit growth, he pointed out.
Enterprises are getting more export orders and also preparing for the Tet (Lunar New Year) holidays domestically, resulting in higher demand for credit.
To promote credit growth in the rest months of the year, the SBV said the banking industry would continue to focus on overcoming difficulties and upholding the efficacy of the meetings between banks and enterprises.
Banks would work to ensure credit growth, thus fostering economic growth, it added.
Source: VNA