SBV Governor: Credit growth of 14% in 2019
(Updated at 16:54, 14/1/2019)
State Bank Governor Le Minh Hung said that credit growth of 14% is adjusted flexibly according to macro environment, credit institutions that apply Basel II will be considered for higher credit growth targets.
At the conference to deploy tasks for the banking sector in 2019 with the attendance of Prime Minister Nguyen Xuan Phuc, Minister of Public Security To Lam,  the Governor of the State Bank of Laos together with the Minister of Natural Resources & Environment, Minister of Justice, Governor Le Minh Hung said: In the past year, the banking system has made important contribution to the overall achievements of the Government. According to the Governor, thanks to the Government's determination to create a stable micro-environment, the banking system has such a good business environment. In addition, Government is also determined to improve the business environment.
The administration of monetary policy (monetary policy) in the past year has kept the interest rate level stable under pressure conditions.  Foreign currency market and exchange rate: exchange rate kept stable and the VND currency remained stable while many currencies in the world fluctuated strongly.
Credit growth at a reasonable level combined with credit quality – despite lower growth, greater contributions to economic growth shown in GDP increased by more than 7% while credit growth only increased by 14%. The restructuring and handling of bad debts have been actively implemented.
According to the Governor, 2019 it is an important year to ensure the completion of the Government's economic development plan.  SBV is determined to continue to stabilize the macro economy.  In the administration, the SBV is determined to achieve the objective: “Credit growth of 14% is adjusted flexibly according to the macro environment, credit institutions that apply Basel II standards will be considered for higher growth rates”, said the Governor.
The Leader of the SBV also noted that all credit institutions and the banking system should look back on the past years of legal compliance, ensure system security; and required commercial banks to strictly implement what the State Bank has directed.
At the conference, the SBV Deputy Governor Dao Minh Tu reported banking activities in the past year.  The Deputy Governor also reviewed the overall picture of banks with bright points such as 14% credit growth flowing into priority areas;  stable interest rate;  payment growth.
In 2019, State Bank of Vietnam has set a credit growth target of 14%; total means of payment 13%; ensuring the handling of bad debts, accelerating the handling of bad debts according to the market mechanism, controlling of bad debts , bringing bad debt to below 2%;  strengthening non-cash payment, ensuring safety in payment and payment security.
Huong Nguyen
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