Vietnam’s credit growth may be at only 15-17pct in 2012

Vietnam’s credit growth target in 2012 may be only around 15-17% and the growth of money supply could be at 14-16%, according to the local newswire Thoi Bao Kinh Te Vietnam (Vietnam Economic Times) or VnEconomy.vn.
With this expected targets, in 2012, the growth of money supply (M2) will be close to this year’s growth direction at 15-16% while credit growth is likely to be at the lowest in past 15 years, since 1998 (16.4%).
At the same time, this will be the second consecutive year the monetary policy has been more tightened than that of the previous period. Statistical data showed that from 2003 to 2010, credit growth has been constantly maintained at high level such as the peak in 2007 with 53.9%, and it was 41.6% in 2004, 39.6% in 2009 and 29.8% in 2010.
Till the end of August 2011, statistics of the State Bank of Vietnam (SBV) announced that credit growth was at around 9.5%. However, if including loans in the nature of the credit, the growth was about 11.7%.
At the regular cabinet meeting September, minister cum chairman of the Government Office, Vu Duc Dam, said that this year’s credit growth will be controlled at only 17%.”-Source: Vietbiz24.com”

Tags: Thoi Bao Kinh Te Vietnam, Vietnam economic growth, Vietnam economic news, Vietnam economy, Vietnam economy 2011, Vietnam's credit growth

Posted by quynhdn on Sep 29 2011. Filed under Economy News. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry