VIETNAM, June 18 –

Deputy Governor of the State Bank of Vietnam Đào Minh Tú speaks during the meeting. Photo SBV

HÀ NỘI — Vietnam’s banking system credit as of June 9 jumped 17.09 percent from the same period last year, said Deputy Governor of the State Bank of Vietnam (SBV) Đào Minh Tú .

Compared to the end of last year, credit increased by 8.15%.

He revealed the figures at a press conference organized by the central bank to review the performance of the banking sector in the first six months of this year, adding that the rise was in line with more positive developments in the economy. from the country.

According to Tú, during the period, credit and monetary policies were gradually harmonized with the new normal, focusing on increasing investment in various areas of the economy. Since the beginning of this year, the SBV has ordered institutions to focus credit on enterprises and production, and prioritize areas as well as strictly control credit for potential risk areas.

Positive credit growth along with the impact of the economic stimulus package will support the country’s economic recovery, he said at a meeting on Wednesday.

At the end of April, credit institutions extended the payment term and reduced interest rates for debts worth more than 695 trillion VN ($29.8 billion) for 1.1 million customers. Banks also froze and waived interest rates for around 490,000 customers with combined outstanding loans of nearly VNĐ91 trillion.

In the first half of 2022, the SBV also managed the exchange rate flexibly according to the development of internal and external markets as well as macroeconomic balances, which thus contributed to reviving the country’s economic growth and stabilizing the economy. ‘inflation.

However, Việt Nam is likely to face the risk of inflation in the future, Tú noted, adding that the global monetary and financial situation has many uncertainties that will affect the country as its economy is deeply integrated internationally.

Domestic commodity and oil prices have also risen recently due to global geopolitical uncertainties, which will have direct implications for the management of exchange rates, interest rates and the money supply.

“So far, we have reviewed and assessed the impacts, and even developed measures to easily deal with larger disadvantages in the near future,” Tú said.

Currently, the country’s macroeconomy is still stable with inflation up 2.25% at the end of May. The Vietnamese đồng is also stable and the flow of capital is positive.

Mr. Tú said that the SBV will monitor market developments at home and abroad as well as the pandemic situation to synchronously and flexibly manage monetary policies to control inflation, stabilize the macroeconomy and to support economic recovery. —VNS