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Monday, June 24, 2024

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Is credit a magic wand for growth?

Historically, loose monetary policy and credit growth have been seen as one of the most fundamental and important solutions to stimulate economic growth. Is this still true today? An inevitable slowdown? The State Bank of Vietnam (SBV), the central bank, recently issued Document 4462/NHNN-CSTT asking local banks and foreign bank branches to take certain measures regarding lending and interest rates. Besides the goal of cutting lending rates by an additional 1-2 percentage points at the request of the Government, the SBV has instructed credit institutions to continue boosting credit growth so as to expand loans by 5-6% in the entire banking system by the end of the second quarter of this year. Nevertheless, it is hard to deny that the credit slowdown from last year to this year is an inevitable outcome. According to the latest data from the SBV, loans by May 20 had increased by a slight 2.41%, or VND327 trillion, against early this year. Compared to the growth rate of 1.34% at the end of the first quarter, it can be seen that credit growth in the nearly two months has added less than 1.1 percentage points, equivalent to about VND145.2 trillion. At this rate, it would […]
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Major banks lower deposit interest rates below 6%

HCMC – Several major banks have reduced their deposit interest rates to below 6% per year. This marks the fifth significant interest rate cut...

SBV urges reduction of lending rates

HCMC – The State Bank of Vietnam (SBV), the country's central bank, has urged commercial banks to further lower lending rates to drum up...

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Your browser does not support the video tag.HCMC - Sixteen banks are offering an annual interest rate discount of 0.5-3 percentage points for clients...

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In addition to the risk of bad debts owed by Covid-hit customers, the rise of deposit interest rates rapidly rising is seen as the...

Lending rate worries homebuyers

Soaring capital input costs have piled pressure on lending rates, especially for home loans, as credit for the real estate sector has the highest...

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