New credit growth reaches over 6%, SBV expects to reach target thanks to acceleration in the last 3 months of the year

ANTD.VN - By September 30, capital mobilization growth in the entire banking industry reached 5.9% (last year 7.68%), while loan growth reached 6.1-6.2%, with total outstanding debt of the economy reaching 12.63 quadrillion VND.

According to Deputy Governor of the State Bank Dao Minh Tu, by September 30, the mobilized capital of the banking sector had grown by 5.9% (last year 7.68%), with the total mobilized capital of commercial banks reaching 12.9 quadrillion VND. Lending capital achieved a growth rate of 6.1-6.2%, the total outstanding debt of the economy reaching 12.63 quadrillion VND.

According to the SBV leader, the credit growth rate has increased but not as fast as last year. The reason comes from difficulties at home and abroad, affecting businesses. Specifically, it is necessary to mention the decrease in investment, consumption and credit demand.

Regarding interest rates, Mr. Tu said that according to the latest data, the average decrease of 1.5% in new loans is positive. As a result, the average interest rate for short-term loans is 5.5-7% and for medium- and long-term loans is 8.5-10%.

"From the beginning of the year, the State Bank expected a reduction in lending interest rates of about 1%, which was very positive, but with the determination of the political system and a strong message from the beginning of the year, I would like to boldly affirm that monetary policy has been very loose," the Deputy Governor of the State Bank emphasized.

With old loans, according to Mr. Tu, there will be a delay in capital mobilization by commercial banks that was previously very high at 10-12%. Therefore, the current average interest rate is 9-11%. However, the leader of the State Bank said that in reality, when repaying debts, banks and businesses have an agreement to reduce interest rates in the direction of maximum support for businesses.

According to the State Bank, policy credit for the poor and low-income earners has a high growth rate of 8.19%, with a total outstanding debt of VND306,000 billion with 6.7 million customers.

Tăng trưởng tín dụng ngành ngân hàng vẫn cách xa mục tiêu cả năm là 14% ảnh 1

Banking industry credit growth is still far from the full-year target of 14%.

According to Mr. Dao Minh Tu, under the direction of the Government and the Prime Minister , the banking industry also determined that if it does not promote tools to support production and business enterprises, businesses in difficulty, and dissolved enterprises, the economy will also find it difficult to recover, especially after 2 years of the pandemic.

Accordingly, from the beginning of the year, commercial banks have had tools and created more comfortable resources for commercial banks to lend at low prices and lower interest rates with 11 key solutions.

In particular, the Decree allowing new loans to repay old debts creates legal space, as well as tools for credit institutions to provide diverse products for businesses to access capital.

"Of course, the story of paying back old loans and borrowing new loans in the initial stage is not as theoretically proposed, but certainly through the initial stage, it will be a very favorable condition for businesses and banks," the Deputy Governor of the State Bank emphasized.

Regarding debt restructuring and interest payments, according to the SBV's leaders, although there are still difficulties, the banking industry has implemented more than 120,000 billion VND. Along with that are specialized credit packages such as 2% interest rate reduction support; 120,000 billion VND support package for social housing; 15,000 billion VND package for seafood, wood... creating capital space for businesses.

At the same time, the bank has also coordinated with local authorities to listen and remove difficulties for businesses, aiming to specifically and thoroughly resolve problems.

Regarding indirect solutions, the banking sector is still actively supporting the corporate bond market, through banks issuing bonds if qualified. Although the bond market has recently revealed its shortcomings, this is still an important capital mobilization channel and most businesses are still doing well.

“Through the above solutions, we hope that credit will reach the expected level to remove difficulties for businesses and boost the economy. Hopefully, in the last 3 months of the year, as usual, credit will increase rapidly.

The bank will continue to take drastic measures with the support of localities, creating conditions to remove difficulties for businesses to thrive in the difficult economic context," said Deputy Governor of the State Bank of Vietnam Dao Minh Tu.

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