According to the State Bank of Vietnam (SBV), credit growth has improved since May but was yet to reach half of the annual target of 14-15 per cent as of October 24.

At a conference hosted by the SBV on October 27 on accelerating credit growth under a directive from the Prime Minister, a central bank leader reported that, as of October 24, total credit for the entire economy had increased 6.81 per cent since early this year. Credit for enterprises stood at VND6.5 quadrillion ($266 billion), accounting for over 50 per cent of the total outstanding balance in the entire economy.

According to the SBV, it will offer solutions for credit growth over the remaining months of this year, enabling enterprises and individuals to gain access to credit for economic recovery purposes.

Solutions will include flexible and proactive implementation of monetary policy, close combination between monetary policy with fiscal policy and other macro-economic policies for accelerating the economic recovery, guaranteeing major economic balances, controlling inflation, stabilizing the macro-economy, and timely adapting to changeable domestic and global markets, among others.