Clients make transtraction at the HDBank branch in Ha Noi. — VNA/VNS Photo Tran Viet Credit growth will expand significantly from the second quarter and exceed the State Bank of Vietnam (SBV)'s target of 12 per cent for the year as a whole if the pandemic is brought under control and the vaccination campaign proves effective, according to insiders. Regarding domestic recovery in its strategic investment report for 2021, the VNDirect Securities Corporation forecast that this year’s credit growth would top 13 per cent and interest rates could fall 20-50 percentage points in the context of loose monetary policy and low inflationary pressure. According to Can Van Luc, BIDV chief economist, 10-15 per cent growth is suitable, given that risks await commercial banks despite the economic recovery. Potential bad debts are on the rise, which will eat into banks’ profits. Meanwhile, the SBV's Department of Credit for Economic Sectors has forecast strong credit growth from the second quarter, which could be higher than the SBV's target of 12 per cent, especially in the fields of industrial production, exports, trade and tourism. Good domestic consumption, rosy exports, strong FDI attraction and disbursement of public investment will drive credit growth. Head of… Read full this story
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