By the end of September, credit across the economy had increased by nearly 7%.

This information was provided by Deputy Governor of the State Bank of Vietnam, Pham Thanh Ha, at the conference "Connecting banks and businesses in Thai Nguyen province" on October 4th.

Accordingly, from the beginning of the year, the State Bank of Vietnam has set a target for credit growth for the whole year of 2023 at around 14-15% (higher than the growth in previous years), with adjustments made to suit the actual developments and situation.

As of September 29, 2023, total credit in the economy reached approximately VND 12,749 trillion, an increase of 6.92%. However, this increase is still significantly lower than the same period in previous years.

According to the Deputy Governor, credit to some priority sectors is growing at a higher rate than the overall average.

Specifically, as of July 31, 2023, credit to the supporting industries sector reached over VND 335,000 billion, accounting for 2.69%, an increase of 13.47% compared to the end of 2022. Credit to high-tech enterprises was approximately VND 44,700 billion, accounting for 0.36%, an increase of 16.09%.

For Thai Nguyen province, credit growth in 2022 reached nearly 16%, higher than the overall credit growth rate. However, credit growth in the first nine months of the year was only 4.51%, lower than the overall credit growth rate of the entire sector and lower than the same period in 2022 (10.85%).

Finance - Banking - As of the end of September, credit across the entire economy increased by nearly 7%. — Deputy Governor of the State Bank of Vietnam, Pham Thanh Ha.

Credit activity in some sectors in Thai Nguyen province is trending downward.

Specifically, credit to the agriculture, forestry, and fisheries sector decreased by 0.29% compared to the end of 2022. Credit to the mining sector decreased by 5.54%, accounting for 1.57% of outstanding credit; the wholesale and retail trade; repair of motorcycles, cars, and other motor vehicles decreased by 1.09%, accounting for 41.81%. Credit to priority sectors also declined, with outstanding loans for agricultural and rural development decreasing by 10.23%, and loans to SMEs decreasing by 6.28%.

However, some sectors in Thai Nguyen province experienced high credit growth, such as: the processing and manufacturing industry (up 7.55%), real estate business activities (up 14.45%), and accommodation and food services (up 14.31%). Outstanding credit to FDI enterprises increased by 30.98%, and to state-owned enterprises by 7.36%.

Accordingly, the State Bank of Vietnam stated that, although the entire banking sector has made efforts to implement policies and solutions, many of which have been implemented using the resources of credit institutions themselves, the provision and access to credit for businesses nationwide in general and in Thai Nguyen province in particular still face many difficulties and challenges.

Therefore, to contribute to boosting production and business in Thai Nguyen province, in addition to solutions from ministries, sectors, and localities, the banking sector will continue to actively implement banking and credit solutions for the region in the coming time.

Implement monetary policy and banking operations solutions aimed at controlling inflation, supporting reasonable economic growth, and linking bank credit investment to the implementation of programs and projects in accordance with the province's planning.

Credit should be focused on production and business sectors, and priority areas; priority should be given to granting credit according to the green classification, lending to meet people's housing needs, social housing projects, worker housing projects, and affordable commercial housing projects...

Finance - Banking - As of the end of September, credit across the entire economy increased by nearly 7% (Figure 2). — Overview of the conference.

The Deputy Governor of the State Bank of Vietnam affirmed that the banking sector is ready to implement solutions to overcome difficulties and meet the credit needs for economic development in Thai Nguyen province.

With solutions from the banking sector and the close leadership, guidance, and attention of the Provincial Party Committee, the Provincial People's Committee, the Provincial People's Council, along with various departments, agencies, and associations, the people and businesses in the province will overcome difficulties, boost production and business activities, create momentum for socio-economic development in the locality, and contribute to the overall development of the country in the coming time .

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