Deputy Governor Dao Minh Tu said the economy has been having many favorable conditions, with high export growth, businesses having restored production and business activities, and the credit growth target of 15% can be achieved.
Deputy Governor of the State Bank Dao Minh Tu informed about the possibility of achieving the credit target in 2024 - Photo: DANH KHANG
Answering questions about credit growth, at the Government press conference on the afternoon of December 7, Mr. Dao Minh Tu (Deputy Governor of the State Bank of Vietnam) said that despite difficulties, "credit growth is being actively resolved with economic growth", credit is linked to economic growth, ensuring the target of controlling inflation.
Credit growth has reached 12.5%
"With the current credit growth rate, inflation control will certainly achieve the target for economic growth," said Mr. Tu.
According to the deputy governor, as of today (December 7), credit growth was 12.5%. This shows that the credit growth rate is quite positive compared to the same period in 2023 (9%). The total outstanding debt of the entire economy is 15.3 million billion VND, capital mobilization reached 14.8 million billion VND and the growth rate of outstanding debt is higher than capital mobilization.
In addition, the State Bank also has adjustments and capital support for commercial banks through policy management tools, thereby supporting capital for the economy.
"The rapid increase in credit due to the economy having many favorable conditions and achieving positive results, rapid increase in exports and businesses generally developing again with a better performance and level of development than in 2023 shows the environment and general development of the economy.
Along with that is the drastic and synchronous management of the central and local governments, industry and macro economy, fiscal and monetary policies, helping businesses boldly invest, borrow capital, and increase capital absorption capacity," Mr. Tu commented.
In addition, with the credit growth target of 15% set at the beginning of the year, the State Bank has taken drastic measures to achieve the target.
“If there was no impact from storm No. 3, credit growth this year could have been even higher than this figure,” the deputy governor said.
Average lending interest rates have decreased compared to the beginning of the year.
Mr. Tu added that the State Bank has also been proactive in managing, and commercial banks are completely proactive in determining limits according to the capital needs of the economy and the capacity of their banks.
Any bank that has run out of its assigned limit from the beginning of the year will proactively increase its limit, without waiting for the State Bank to notify it like in previous years.
"Working capital ensures a harmonious output interest rate. Compared to the beginning of the year, the average lending interest rate has decreased by 0.96% for new loans," Mr. Tu informed, adding that this is also the reason why businesses can reduce input costs and actively invest.
In addition, the State Bank also directed to remove difficulties related to procedures, regulations and debt extension and deferral mechanisms. These policy mechanisms in 2024 have been effective, businesses have received positive policies, helping to remove difficulties and promote production and consumption credit.
Whether or not the 15% target is achieved is a guideline, according to Mr. Tu. Normally, disbursement is active at the end of the year, so this level will be achieved in 2024.
Deputy Minister of Planning and Investment Tran Quoc Phuong answers at the press conference - Photo: DANH KHANG
Regarding promoting economic growth with the target of 7%, Mr. Tran Quoc Phuong - Deputy Minister of Planning and Investment - said that most forecasts of world economic organizations for Vietnam have increased.
This reality shows that in the last quarter of 2024, if there are no major fluctuations or negative external impacts, there will be a basis to achieve the 7% target of 2024.
According to Mr. Phuong, reviewing the growth drivers from now until the end of the year, we can see that there are opportunities to increase further. First of all, in terms of exports, the market signals are relatively good, orders are returning and exports are increasing.
Foreign investors and experts also assessed that the world investment market seems gloomy, "but investment in Vietnam is still very good". The business registration index of Vietnamese enterprises shows that the number of newly registered enterprises has increased again in recent months.
"We boldly believe that with the Government's management, the economy will not only recover but also increase, and we believe in investment growth in 2024," Mr. Phuong assessed and said that with such driving forces, we can expect to achieve a growth target higher than 7% compared to the target assigned by the National Assembly.
In 2025, the Government boldly set a target of 8%, continuing the growth momentum of 2024. Next year, there will also be new factors, with fundamental changes, especially in institutions and policies, when the National Assembly passes a series of laws with breakthrough thinking, removing difficulties and bottlenecks.
This law takes effect from the beginning of 2025, so it will stimulate growth, release long-standing stagnant resources, and unblock growth in 2025.
"The 8% target is to prepare for a new era of national growth," said Mr. Phuong, adding that in the draft resolution 01/2025, the Ministry of Planning and Investment proposed solutions to direct and operate towards the mindset of reaching 8%.
Source: https://tuoitre.vn/pho-thong-doc-ngan-hang-nha-nuoc-co-the-dat-duoc-muc-tieu-tang-truong-tin-dung-15-20241207171730145.htm
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