According to data announced by the State Bank at the online conference "Implementation of Decree 31 of the Government on supporting enterprises, cooperatives and business households with 2% interest rate", as of June 30, 2022, the credit of the whole economy reached over VND 11.4 million billion, up 9.35% (in the same period in 2021, it increased by 6.47%).
Previously, as of June 9, 2022, credit of the whole banking system increased by 8.15% compared to the end of 2021. Thus, within 20 days, credit growth increased by 1.2 percentage points, equivalent to a scale of about VND 125,000 billion.
Compared with the data from the General Statistics Office, as of June 20, 2022, credit growth reached 8.51%, it is estimated that in the last 10 days of June, credit increased by 0.84 percentage points, which means nearly VND 70,000 billion was poured into the economy in this period.
In addition, by the end of June, the State Bank said that capital mobilization reached over VND 11.8 million billion, an increase of 4.51% compared to the end of 2021 (in the same period in 2021, there was an increase of 4.09%).
Credit institutions have restructured the repayment term, keeping the accumulated debt at VND 709,038 billion. The total amount of interest which was exempted, reduced and lowered for customers affected by the Covid-19 epidemic has reached over VND 50,000 billion.
According to SBV Deputy Governor Dao Minh Tu, the sharp increase in credit in the first two quarters of the year proves that the economy has prospered and recovered positively. The epidemic has subsided and businesses are restoring production and business activities. Moreover, people are also returning to normal life, so the demand for capital at this time is quite high.
The Deputy Governor said that in the coming time, good credit growth along with the impact of the economic stimulus package will create good support for the economy's recovery and growth.
The SBV expects credit growth rate for 2022 to reach 14%. However, this target can be adjusted at the end of the year depending on the actual situation. It may increase or decrease.
Compiled by VietnamCredit