The Hanoitimes – In 2017, the State Bank of Vietnam (SBV) has implemented the monetary policy flexibly as part of the effort taking the GDP growth rate to a 10 year high of 6.81%. In 2018, the loan growth is expected to be maintained at 17%. This target is set by the Vice Governor of SBV Nguyen Thi Hong at the meeting evaluating the performance of implemented monetary policy and banking sector in 2017, and targets for 2018. In 2017, the SBV has flexibly implemented monetary policies to stabilize the financial market, with an aim to control inflation rate and creating conditions for credit institutions to reduce interest rate. As such, with more money is pumped into the national economy, the GDP’s growth rate has reached a 10 year high of 6.81%. SBV set target for credit growth at 17% in 2018. The SBV’s leaders also focused on solutions to reduce interest rate, as an effort to support enterprises and economic growth. Under the pressure of raising credit growth in the first 6 months of 2017, the SBV has put up effort in managing monetary policies to ensure liquidity for credit institutions, maintaining the inter-bank rates flexibly to reduce the market’s lending rate. In particular, as of July 10, in order to facilitate the economic growth in parallel with controlling inflation rate under 4% set by the National Assembly, the SBV has reduce the central rate at 0.25% per year, and 0.5% of the ceiling rate of short term… [Read full story]
The State Bank of Vietnam began sending credit growth quotas to classified banks after the Governor issued Instructions 01 to allocate credit growth quotas to credit institutions.Accordingly, the three groups including Group 1 (healthy banks), Group 2 (average banks), and Group 3 (below average banks) will be allowed credit growth rates of 17 per cent, 15 per cent and 8 per cent, respectively. Group 4 (weak banks) which are not allocated any credit growth rates should be restructured.Group 1 includes Maritime Bank, Vietnam Prosperity Bank (VP Bank), Vietnam International Bank (VIBank), and Southeast Asia Bank (SeaBank). Nam A Bank and…... [read more]
HA NOI — Experts have predicted that commercial banks may mutually transfer credit growth quotas to balance their practical lending situation after the State Bank of Viet Nam allocated different rates of credit growth for banks this year. Under a State Bank directive issued earlier this month, four credit institutions and bank groups were designated growth rates from zero to 17 per cent based on their health and performance last year. Specifically, Group A was allocated the highest credit growth of 17 per cent for the year, Group B with 15 per cent, Group C with 8 per cent and…... [read more]
Ha Noi--The State Bank of Viet Nam (SBV) officially announced on Monday the rates of credit growth allocated for commercial banks this year. Under the Direction No 01 issued by the Governor of SBV Nguyen Van Binh, four credit institutions and bank groups are allocated credit growth rates from zero to 17 per cent this year. Of this, commercial banks and credit institutions will be allocated growth based on the health of the organisation and their performance last year. Institutions will be classified into four groups based on SBV criteria, with well-performing lenders classed in group A and weaker lenders…... [read more]
Southeast Asia Commercial Joint Stock Bank (SeABank) is rated the Group 1 lender and assigned the credit growth of 17 percent in 2012 - the highest rate for a commercial bank with best indicators based on the Instructive 01/CT-NHNN of the State Bank of Vietnam dated February 13, 2012 on safe and effective banking operations in 2012. After 18 years of construction and development, SeABank now has 150 transactions and 2,200 employees. With strategic foreign partner being French leading retail bank Societe Generale and strategic domestic partners being VMS MobiFone Company and PetroVietnam Gas Corporation (PVGas), SeABank has continuously made comprehensive…... [read more]
The State Bank of Vietnam has forecast credit growth will increase to 12-13% and will continue increasing despite negative rumours. Outstanding loans may up by 2-3% Concerning rumours that the credit growth rate of Vietnam is declining because bad debts had increased from 3.06 to 10%, Nguyen Viet Manh, Head of the State Bank of Vietnam (SBV)'s Credit Department said that credit growth had increased 1-2%. "In 2011, when SBV planned to allocate credit growth quotas of 15-17%, many banks increased their 'virtual' credit growth in hope that SBV would allocate a 17% credit growth quota to them." Manh…... [read more]
