Vietnam's credit growth inches up to 6.82 pct in first 6 months

Thanh Nien News

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An undated photo of an employee counting money at a finance company. Photo: Dao Ngoc Thach An undated photo of an employee counting money at a finance company. Photo: Dao Ngoc Thach

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Loans in Vietnam expanded 6.82 percent in the first six months, slightly up from around 5.8 percent a year ago, local media reported on Friday, citing the central bank.
Dong lending grew 8.11 percent from the end of last year and accounted for 90.8 percent of total loans, the Vietnam News Agency said.
Lending in foreign currencies declined 4.64 percent, as the government has been tightening dollar lending in an attempt to prevent dollarization, Nguyen Tien Dong, chief of the central bank's credit department, was quoted as saying.
On March 31, the central bank ordered local banks and subsidiaries of foreign banks to limit foreign-currency loans to importers and businesses with overseas investment only. However, two months later, amid economic difficulties it allowed lenders to resume dollar loans to exporters until the end of this year.
Given the government's recent initiatives to increase loans to small and medium-sized enterprises, the sector's loans grew 2.62 percent in the past six months and accounted for 20.1 percent of total loans, according to official figures.
The central bank forecast loans will grow around 18-20 percent this year, compared to around 18 percent last year.

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