The State Bank of Vietnam set a credit growth target of 17% in 2018
(Updated at 10:5, 9/1/2018)
In 2017, the State Bank of Vietnam (SBV) synchronously and flexibly implemented monetary policy instruments to stabilize the monetary market, contributing to the economic growth of 6.81 % (highest over the last 10 years and higher than target 6.7%). In 2018, SBV leaders will continue to maintain credit growth at 17%.
This is the opinion of Deputy Governor of the State Bank of Vietnam Nguyen Thi Hong at the press conference on the results of monetary policy, banking operations in 2017 and task orientation in 2018 held by the State Bank of Vietnam on January 8, 2018.
 
Deputy Governor Nguyen Thi Hong also said that in 2018, the State Bank will continue to manage the exchange rate actively, flexibly; stabilize the foreign exchange market; continue to increase foreign exchange reserves. In particular, the State Bank of Vietnam will speed up the restructuring of the credit institution system in combination with dealing with bad debts.
 
The State Bank of Vietnam will manage credit to control credit growth in order to contribute to the objective of controlling inflation, supporting growth, and improving credit quality; take initiative in controlling credit in some risk-prone sectors; continue implementing credit programs and policies for a number of sectors so as to support credit institutions in extending credit effectively, to restructure credit and support social security.
 
Regarding interest rate policy, the Deputy Governor said that this is still one of the focal points in managing monetary policy in 2018. The banking sector will continue to strive to reduce lending rates to support business activities of enterprises.
 
The State Bank of Vietnam will continue to manage the exchange rate actively and flexibly in line with the market situation, macro-economic balances, and monetary policy objectives; stabilize the foreign exchange market, continue to increase foreign exchange reserves when the market is favorable; continue to perform well the role of state management for the gold market.
 
In addition, the banking sector will continue to emphasize the task of speeding up the restructuring of credit institutions associated with dealing with bad debts. Continue to improve the legal framework for payment activities in the economy; to efficiently implement the Scheme on non-cash payment in Vietnam for 2016-2020 period; to develop banking technology and payment services, improve the efficiency and safety of payment systems of Vietnamese banks.
 
“This is also the expectation of the banking sector in 2018. The SBV will consider combining instruments taking into account time, context, economic development, and market liquidity for appropriate management. The SBV will be flexible to ensure the overall growth of the sector and each credit institution” Deputy Governor Hong said.

 
Hong Ngoc
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