Responding to the press about credit room and interest rate reduction, SBV Deputy Governor Pham Thanh Ha said that since the beginning of the year, the overall credit growth target is about 14-15% and has been properly allocated to banks. . By the end of May, the credit of the economy reached over VND 5 million billion (an increase of about 12,3% compared to the end of 3,17).
Deputy Governor of the State Bank Pham Thanh Ha
For state-owned commercial banks, the credit market share accounted for about 44%, but the growth was only about 35% compared to the level assigned by the State Bank. The group of joint-stock commercial banks accounts for about 44% of the credit market share, but now growth has only reached about half of the assigned rate.
Thus, these two groups account for the main credit market share but have not grown to the maximum assigned by the State Bank, so it cannot be said that the credit room has run out at this time.
“Then where is the problem? In 2022, credit will increase by approximately 8% compared to the end of 2021. If the credit management policy of the State Bank does not change, this year with about 14-15% as set out at the beginning of the year, the capital absorption of the economy is significantly weaker than in 2022, "said Mr. Ha.
According to Mr. Ha, there are three main reasons: manufacturing enterprises have difficulty in output and consumption, so there is a lack of orders, leading to a decrease in demand for new loans for production. Small and medium-sized enterprises mostly face a weak financial situation, do not have a feasible plan, so they have not met the conditions for accessing loans from banks.
Next is the cause related to real estate credit due to the difficult market, few new projects being implemented, a shortage of supply, and a decrease in the demand for large loans.
Bank interest rates will continue to decrease
Facing this situation, according to Mr. Ha, the banking industry has determined solutions to continue directing banks to reduce lending interest rates. From March to May, the State Bank of Vietnam has made many moves to reduce interest rates. Recent statistics show that the average lending interest rate of new loans is 3% (down 5% compared to the end of 9,07). "We believe that interest rates are falling and will continue to fall in the near future," Mr. Ha said.
With existing outstanding loans, because customers have difficulty in repaying, the SBV has issued Circular 02 allowing debt restructuring and keeping the debt group intact. In the coming time, the State Bank will continue to guide in the spirit of this Circular 02 to support businesses and customers to borrow capital.
For new outstanding loans, the State Bank also requires banks to continue to actively lend, so businesses and customers, if eligible, will easily access credit.
“Along with the credit policy to support businesses, it is expected that other agencies, departments and sectors will work together to actively promote policies to support businesses to remove difficulties; especially supporting real estate businesses to improve their financial capacity, increase access to credit…”, Mr. Ha said.
