Credit growth in the first three months of 2021 rose 2.93% quarter-on-quarter, much higher than last year’s figure of less than 1%. First-quarter credit growth is normally the lowest for the year, so insiders have high hopes for the yearly figure.
For the time ahead, the State Bank of Vietnam (SBV) will keep a proactive and flexible monetary policy basing on market developments and forecasts for the macro-economy, SBV Deputy Governor Dao Minh Tu told a meeting on April 22.
Experts expect that consumer loans will resume in the second half of 2021, thereby boosting the overall credit growth.
Vietnam's growth accelerated to 4.5 percent in the last quarter of 2020, resulting in an annual growth rate of 2.9 percent - making it one of the fastest growing economies in the world, according to the World Bank (WB).
The State Bank of Vietnam (SBV) has extended the credit growth limits for the second time this year to some commercial banks, of which the highest level is up to 30 percent.