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Tuesday, June 25, 2024

Surprises and expectations

By Trieu Minh

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After the unexpected credit growth in the final month of 2023, the State Bank of Vietnam (SBV) allocated all credit growth quotas for 2024 to commercial banks right from the beginning of the year 2024, instead of using the incurring quota allocation scheme as in previous years. Will credit expand faster? Beyond expectations in December 2023 The final month of 2023 saw credits expanding by an additional 4.56%, jumping from a growth rate of 9.15% at the end of November to 13.71% for the entire year, according to the latest data released by the SBV. In absolute terms, over VND578.3 trillion was injected into the economy in December alone, raising the net outstanding credit amount in 2023 by over VND1.6 quadrillion against 2022. It is noteworthy that this growth was mainly driven in the second half of December, especially in the last 10 days of the month. Specifically, according to SBV data, by December 13, 2023, the credit growth against the beginning of the year had only reached 9.87%, an increase of 0.72 percentage point compared to the end of November. Soon later, data from the General Statistics Office showed that by December 21, 2023, the credit growth reached 11.09%, […]
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