The latest data of the State Bank of Vietnam (SBV) showed that by June 10th, the outstanding credit to the economy increased by 5.75 percent compared to the end of 2018.
In particular, credit has been directed to production, business and priority areas under the direction of the government. Meanwhile, the control of credit to sectors with potential risks has been enhanced.
Equivalent to this credit growth, in less than six months, credit institutions (CIs) disbursed nearly 415 trillion dong to the economy, equivalent to a total credit to the economy of 7,620 trillion dong.
On average, the economy received a nearly 2.6 trillion dong of credit from CIs.
However, the credit growth in the first period of 2019 was still much lower than the same period of last year. At this time last year, the credit growth was 6.16%. If compared with the credit growth target of 14 percent set by the SBV this year, the credit growth until mid-June has not reached half.
Regarding the operation of monetary policy, the SBV said that in the same period, the total means of payment increased by 5.17 percent over the same period of last year, and the system liquidity was ensured.
Concerning interest rates, the SBV has directed the interest rates accordingly to the macroeconomic and monetary market developments, and stabilised operating interest rates. Lending rates of CIs were also directed to be reasonable on the basis of deposit rates and the risks level of the loan.
At present, interest rate level is popular at six to nine percent per annum on short terms and nine to 11 percent per annum on medium and long terms.
In terms of bad debt settlement results which were determined according to Resolution 42, from August 15th 2017 to the end of March this year, the whole CI system handled 227.860 trillion dong of bad debts, of which the on-balance sheet bad debts were 117.8 trillion dong.
In terms of payment activity, in the first five months of the year, the total transaction value through the interbank electronic payment system reached more than 64.1 million transactions, equivalent to nearly 35,700 trillion dong. Compared to the same period of last year, this activity increased by 23 percent in the number of transactions and nearly 18 percent in value.
By the end of the first quarter (Q1) 2019, the number of domestic payment transactions via bank cards were more than 65 million transactions, up by 18 percent over the same period of 2018; and total transaction value was more than 171 trillion dong, up by nearly 19%.
In the same period, the number of transactions made via the Internet reached over 101 million transactions with a value of nearly 4,600 trillion dong, up by respectively 66 percent in quantity and 13 percent in value compared to the same period of 2018.
Meanwhile, the number of financial transactions via mobile phone channel reached more than 76 million transactions with a value of over 924 trillion dong, up by nearly 98 percent in quantity and 232 percent in value.
