Capital support for key growth sectors

At the same time, the central bank will maintain tight controls on lending to potentially risky sectors, as it works to meet the economy’s capital needs in the final months of the year.

By the end of September, total outstanding credit across the banking system had reached around 798 billion US dollars, up 11.59% from the end of last year and 16.69% year-on-year.

The State Bank of Vietnam has created additional credit capacity for major and strategically important projects, particularly those with regional connectivity. It is also encouraging banks to participate in programmes supporting key growth drivers and small and medium-sized enterprises. 

So far, 19 commercial banks have registered for these programmes, with a combined credit allocation of around 15.7 billion US dollars. Ten have already disbursed loans, with outstanding credit of about 715 million US dollars. Interest rates are 1 to 3.6 percentage points lower than standard rates.:

Pham Thanh Ha, deputy governor of the State Bank of Vietnam, said: "In the fourth quarter, the State Bank of Vietnam will continue to proactively review, revise and complete the legal framework and policies governing credit activities for credit institutions and commercial banks. We will also refine policies to make it easier for borrowers to access capital".

The banking sector will also expand preferential lending to small and medium-sized enterprises, as well as the agriculture, forestry and fisheries sectors. Priority will also be given to programmes supporting power and transport infrastructure, strategic technologies and social housing.

Loan procedures will continue to be streamlined, with greater use of digital technology to make it easier for individuals and businesses to access credit. These measures are expected to help support the country's goal of achieving double-digit economic growth.