Vietnam has seen credit of more than VND12.3 trillion ($523 million) provided this year as of May, according to Deputy Governor of the State Bank of Vietnam (SBV) Pham Thanh Ha.

The figure represents a year-on-year increase of 3.17 per cent, he told the regular government press briefing on June 3.

The country has set a credit growth target of 14-15 per cent this year.

To reach the target, the SBV will continue to guide credit institutions and banks on reducing lending interest rates.

The lending rate has been cut over recent months and is now at 9.07 per cent per annum, a year-on-year decline of 0.9 points.

Mr. Ha said an important solution to continue to boost credit is to improve demand in the economy, and he urged relevant ministries, agencies, and sectors to speed up policies to support businesses, develop small and medium-sized enterprises (SMEs), and tackle difficulties facing consumption markets and the real estate market while enhancing businesses’ financial capacity and credit access.