On 7 December 2024 afternoon, at the regular Government’s press conference for November 2024, Deputy Governor Dao Minh Tu shared that, despite the challenges and difficulties at the beginning of the year, the credit growth had recorded positive outcomes, in harmony with the economy’s growth pace.
SBV Deputy Governor Đào Minh Tú answers correspondents’ questions
According to the statistics, as of 29 November 2024, the total credit outstanding of the economy reached approximately VND 15,300 trillion, reflecting an increase of 11.9%. As of 7 December 2024, the credit growth had reached 12.5%, surpassing the 9% of the same period in 2023. The capital mobilisation also reached VND 14,800 trillion, and the credit outstanding growth rate is now higher than that of the capital mobilisation. The credit structure has remained to be focused on production and business activities, particularly the priority sectors and the key growth drivers in line with the directions of the Government.
The Deputy Governor further informed that the SBV and the entire banking sector have implemented consistently and strongly various measures to accelerate the credit growth and to ensure the timely supply of credit to meet the economy’s demands. The SBV’s adjustment and allocation of extra credit growth limits would be decided based on very specific principles, ensuring the publicity and transparency; and the commercial banks have proactively and positively undertaken their tasks. Over the past time, the SBV has issued numerous directive documents, and organised thematic conferences to strongly direct the credit institutions to implement the credit growth in an effective and efficient manner. The banking sector has also enhanced the reviews, simplified the credit approving procedures, and optimised the application of the digital transformation in the credit processes, thereby facilitating easier access to the credit capital for businesses and individuals.
The banking sector has also strongly promoted the implementation of the credit policies and programmes under as directed by the Government and the Prime Minister. Several programmes with proven effectiveness, such as the credit programmes for the forestry and the fisheries sectors, have been expanded in terms of scale, and would continue to be accelerated and expanded to cover other important sectors, including the stock market and the property market. Besides, the SBV has also enhanced the efforts to support the customers in need by rescheduling the debt service terms, maintaining the debt categories, and restructuring the debts to align with the cash flow conditions (especially for those affected by Typhoon Yagi (aka Typhoon No.3), thereby enabling the customers to secure new loans, with the aim of maintaining and recovering their production and business activities.
Compared with the previous years, the economy has seen many favourable developments. The businesses in general, and the banking system in particular, have shown signs of recovery and growth, “which is a positive signal”, said Deputy Governor Dao Minh Tu. The achieved growth rate so far has reflected the effectiveness of the solutions implemented by the banking sector since the beginning of the year, and the improved credit absorbability of the businesses and the people. These outcomes are attributable to the decisive leadership and guidance of the Government and the Prime Minister, as well as the consistent and comprehensive implementation of the solutions from the central to the local levels. The synergy between the sectoral and the macroeconomic policies, including the fiscal and the monetary measures, has encouraged the businesses to boldly invest and borrow capital with confidence, thereby enhancing the capital absorbability of the economy.
Source: sbv.gov.vn
