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Vietnam targets 2012 credit growth at 15-17 pct-central bank

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Vietnam targets 2012 credit growth at 15-17 pct-central bank

Post  lexie on Tue Nov 22, 2011 6:53 pm

November 22, 2011

Vietnam targets 2012 credit growth at 15-17 pct-central bank

Vietnam's central bank said it will direct monetary policy to meet a credit growth target of 15-17 percent in 2012 from 12-13 percent expected this year.

Policies will contribute to stabilising the economy and controlling inflation, while ensuring an economic expansion of 6.0-6.5 percent in 2012, State Bank of Vietnam Governor Nguyen Van Binh was quoted as saying in a statement issued late on Monday.

The lending target for 2012 is in line with a projection for the 2012-2015 period during which the central bank will continue with tight monetary policies to stabilise the economy that has been battling one of Asia's highest inflation rates.

Binh said Vietnam has been trying to keep the annual inflation this year at 18-18.5 percent.

Bank loans grew by more than 10 percent so far this year from end-2010 and the annual credit growth for 2011 would be 12-13 percent, Binh was quoted as speaking at a briefing to which foreign media were not invited.

He said banks next year will focus on development of agriculture and rural areas, production of goods for export, development of auxiliary industries and to support small- and medium-sized enterprises.

The central bank will use Agribank, Vietnam's top lender by assets, as 'the pillar' in fund disbursement, with its loans to account for 75-80 percent of the banking sector's lending for agriculture and rural development, Binh said. (Reuters)


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