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Ho Chi Minh City
Friday, July 19, 2024

Credit stagnation

By Trinh Duy Viet

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At the Government’s regular monthly meeting held on August 5, Prime Minister Pham Minh Chinh stressed that the economic growth target for 2023 would be kept unchanged. Credit growth is seen as the driving force behind economic growth, but the slow tempo in the year’s first half is cause for concern. In the year’s first half, the gross domestic product (GDP) growth was 3.72%. If the growth target of 6.5% for 2023 is to be attained, the GDP growth rate in the second half must be elevated to some 9%. One of the key solutions to achieve this growth rate, as concluded at the aforesaid Government meeting, is to maintain a proactive, flexible, timely and efficient monetary policy. Measures underscored to realize this policy include lowering lending rates, restructuring debt, and increasing lines of credit and money supply. Credit growth in H1 One of the driving forces behind economic growth is monetary policy, especially credit growth and money supply. In the first six months of 2023, the credit growth rate was recorded at 4.73%, which was the lowest rate for the first six-month periods since 2015, except in 2020 when the economy was battered by Covid-19 (when credit growth was […]
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