Credit growth until April 10 reached 0.8%, shared by Nguyen Quoc Hung, director of Credit Department of the State Bank of Vietnam (SBV) at the conference of Applying Digital Platform for SMEs to stabilise production and business activities and capital connection in the post-Covid-19 period.
Hung said that by the end of March, outstanding loans increased by 1.3 percent but in early April, there was a downward trend due to enterprises recovering capital, exporting goods, and repaying debts. This showed that the amount of capital absorption of the economy tended to decrease.
Most outstanding loans in the fields of tourism and trade decreased, including consumer loans. Only industrial and construction sector increased by one percent, rural agriculture grew by 0.3%. Credit balance with SMEs also decreased by one percent.
The director of Credit also said that the banks restructured the debt group to maintain the debt group for 29.8 trillion dong loans. Customers who require a loan with a feasible option will be eligible for a further two percent lower interest rate than before the pandemic.
Banks also exempted and reduced interest for 160 trillion dong loan balance, the amount of interest reduction was about 360 billion dong. New loans reached 180 trillion dong, focusing on industry, construction, essential consumption and health care.
Earlier, Governor Le Minh Hung reported at the government’s online meeting with localities that the expected debt balance affected by Covid-19 was about two quadrillion dong, accounting for 23 percent of the system’s total outstanding debt.
