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Wednesday, November 30, 2022

PM hints at credit growth target expansion

The Saigon Times

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HCMC – Prime Minister Pham Minh Chinh has hinted at expanding the credit growth target to maintain macroeconomic stability.

The information was given during a meeting with voters of PM Chinh and the National Assembly deputies delegation of Can Tho City in the Mekong Delta on November 17.

PM Chinh called for endeavors to accelerate public investment, particularly with the private-public partnership formats, along with improving the performance of State-owned firms.

The head of the Government previously asked banks and financial institutions to assist in business operations and reduce red tape.

The State Bank of Vietnam (SBV), the nation’s central bank, said in September that the country’s 14% credit growth goal for 2022 remained in place.

Before 2011, the country’s credit growth was 30%. Still, the SBV has sought to maintain it at 12-14% over the last decade, the local media reported.

According to SBV Deputy Governor Pham Thanh Ha, the SBV is working to promote economic recovery in light of the tightening financial markets and global runaway inflation.

The SBV has reaffirmed its plans to foster growth while embracing a prudent approach in the face of inflation risks.

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