According to the Department of Credit to Economic Industries of the State Bank of Vietnam (SBV), by the end of August 2014, credit to economy grew 5.82% compared to the end of 2013.
Credit flow has shifted, focusing on a number of priority areas, the real estate sector, etc.
Specifically, outstanding loans to agricultural and rural areas rose 6.1%; loans to exports rose 4.37%; outstanding loans to businesses with hi-tech applications rose 12.73%; outstanding loans to supporting industries rose 6.12%; outstanding loans to small and medium enterprises rose 2.57%; and outstanding loans to real estate sector rose 9.85%.
The Department assessed that credit growth in the first 8 months was low than expected compared to the year’s credit growth target of 12-14%.
This Department also assessed that lending interest rates were no longer obstacles for businesses to access to capital. Loans with interest rates over 13%/year accounted for only 13%, loans with interest rates over 15%/year accounted for 5% and loans with interest rates between 13-15%/year accounted for 10%. In general, loans with interest rates below 10% accounted for 72%.
Source StoxPlus