Credit growth reaches 6.09 percent in nine months

According to the State Bank of Vietnam (SBV), by September 30 this year, credit of the whole economy has risen by 6.09 percent compared to that at the end of last year while it increased by 9.4 percent in the same period in the previous year.
SBV said that credit growth for the whole economy has gradually recovered since July, with a growth rate of 4.03 percent, an increase of 4.75 percent in August, and an increase of nearly 6.1 percent by the end of September. Meanwhile, credit growth was only 2.8 percent in the first two quarters of this year. The credit outstanding balance of trade and services accounted for a large proportion of 63 percent, with the highest credit growth of about 6.32 percent. That of the construction industry was estimated to increase by 5.89 percent, accounting for 28.75 percent. Credit for the agriculture, forestry, and fisheries sector accounted for 8.66 percent, estimating to increase by 5.09 percent.

Credit has continued to concentrate on priority sectors under the direction of the Government, especially some sectors that are now taking advantage of the new context. Particularly, export credit increased by about 7 percent; credit for agriculture and rural areas increased by 5 percent; credit for small and medium-sized enterprises in supporting industries and high-tech enterprises, which had with lower credit growth, but accounted for a small proportion of credit outstanding balance of the economy, increased by about 5.5 percent.

In the context of economic difficulties due to the impacts of the Covid-19 pandemic, the credit results in the first nine months of this year have positively contributed to supporting the country's nine-month GDP growth to reach 2.12 percent.

By Nhung Nguyen – Translated by Bao Nghi

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