Credit growth is expected to improve significantly thanks to many proactive measures taken by the Government and central bank recently to revive the economy. — Photo cafef.vn Compiled by Thiên Lý Experts have forecast bank credit growth in the second quarter to reach 3.5-4 per cent, much higher than the rate in the first quarter. In the first three months the rates had been 0.1 per cent, 0.07 per cent and 1.1 per cent as the Covid-19 pandemic severely impacted various industries and their demand for funds. Consumer demand and foreign trade were also badly hit. The State Bank of Việt Nam (SBV) said in the first quarter many businesses increased repayment of existing debts while not borrowing afresh. Experts say the situation has been improving in the second quarter with demand from credit from businesses and individuals showing signs of increasing. In Hà Nội, total loans outstanding at credit institutions in May were estimated at VNĐ2.163 trillion (US$94 million), representing a 2.4 per cent increase for the year. Credit growth is expected to improve significantly thanks to many proactive measures taken by the Government and central bank recently to revive the economy. For instance, the SBV has cut benchmark… Read full this story
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