Credit growth expected to reach 14% in 2021: Deputy Governor of SBV

VIETNAM, December 29 –

A client from Vietinbank’s Cửa Nam transaction office in Hà Nội. – VNA / VNS Photo Trần Việt

HÀ NỘI – Credit growth has reached 12.97 percent so far and is expected to reach 14 percent this year, as credit grows very strongly towards the end of the year, the Bank’s director revealed. State of Việt Nam (SBV).

This year, the bad debt ratio has so far reached 3.79%, but could reach 8.2% if we take into account the restructured debts.

Permanent Deputy Governor Đào Minh Tú has expressed concern over the increase in NPLs this year, saying it is one of the big challenges for the banking system in 2022 and beyond.

At a press conference on Tuesday, Tú attributed the increase to the worst fourth wave of COVID-19 in Việt Nam, noting that bad debts are an unwanted consequence of the COVID-19 outbreak and may increase even though the pandemic continues to cause problems. to businesses.

This year, the SBV took steps to improve credit quality, direct credit to productive and priority sectors, and tighten control over the one that has spilled into high-risk areas, such as real estate, the stock market, Build-Operate-Transfer (BOT) and Build-Transfer (BT) transport projects. It has also strengthened risk management on consumer credit and offered businesses and individuals greater access to bank loans.

In 2022, Tú said the central bank will continue to flexibly manage monetary policy tools in tandem with fiscal and macroeconomic policies to support post-pandemic economic growth.

Remittances up 10 percent

Vietnamese abroad sent home some $ 12.5 billion this year, a 10 percent year-on-year increase.

These are official figures that should be used in reports, Tú stressed.

About 28% of remittances to Việt Nam were made through international money transfer companies, 7% through credit institutions and 2% by post.

The official said that although Vietnamese living abroad have also struggled due to the impacts of COVID-19, they have remained devoted to the homeland, saying remittances are an important source of capital for the Việt Nam at the moment. – VNS

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