Credit growth had stood at about 8.18 percent as of August 15, 2018 and is expected to be curbed at around 17 percent this year, said Minister-Chairman of the Government Office Mai Tien Dung. 

 

The official released the figures at a press conference in Hanoi on August 30 following the Cabinet’s regular meeting which took place earlier the same day. 

 

Despite controlled credit growth, loans for production and businesses with stable interest rates have still been ensured, Dung said, noting that in the first eight months of this year, the Government focused on economic restructuring and did not rely on oil exploitation and credit growth for growth. 

 

In this regard, Deputy Governor of the State Bank of Vietnam (SBV) Dao Minh Tu further explained that the credit growth target of about 8.5 percent in the remaining months of this year matches the requirements for economic growth and inflation control. 

 

He highlighted the rosy economic growth with inflation tamed at below 4 percent over the past eight months. 

 

Tu, however, said although the inflation rate is below the target set by the Government, caution is still needed to control the rate in the remaining months of the year. 

 

For the goal of economic stabilisation and ensuring capital for priority areas, credit institutions have set forth their own plans, the official said. 

 

Minster-Chairman Dung emphasised that to ensure macro-economic stability, apart from controlling credit growth, the Government is resolute not to raise electricity price and think twice before increasing prices of other commodities. -VNA