Credit growth stood at nearly 13 per cent this year as of December 21, according to Deputy Governor of the State Bank of Vietnam (SBV) Dao Minh Tu.

Speaking at a press conference in Hanoi on December 27 on tasks for the banking sector next year, he said that total loans in Vietnam’s banking system in 2022 reached more than VND11.78 quadrillion (nearly $497.9 billion).

Most were for production and trade.

He said credit basically met market demand to support the economic recovery process post-pandemic.

As of November 30, total outstanding loans in the Vietnam Bank for Social Policies’ 23 credit programs was over VND279 trillion ($12.1 billion), up 12.81 per cent year-on-year, with over 6.4 million borrowers.

The SBV said it has closely monitored credit in high-risk areas, especially the corporate bond, securities, and real estate markets, while creating favorable conditions for businesses and people to access credit.

Mr. Tu added that the SBV has directed credit organizations to cut operating costs and administrative procedures, creating more space to cut lending interest rates and therefore helping businesses and people to overcome the ongoing difficulties.