Banks pump over 18.88 billion USD into economy in June

July 15, 2024 | 16:39

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Banks lent more than 480 trillion VND (18.88 billion USD) to economic entities in June, demonstrating the sector’s efforts in concretising the Government’s credit goal of 5-6 per cent to the end of Q2.

Banks pump over 18.88 billion USD into economy in June

Banks lend over 18.88 billion USD to economic entities in June. (Photo: VNA)

Hanoi – Banks lent more than 480 trillion VND (18.88 billion USD) to economic entities in June, demonstrating the sector’s efforts in concretising the Government’s credit goal of 5-6 per cent to the end of Q2.

According to statistics from the State Bank of Vietnam (SBV), outstanding loans as of the end of June neared 14.4 quadrillion VND, up 6 per cent against the beginning of 2024.

The central bank's Deputy Governor Dao Minh Tu affirmed that the sector has rolled out various programmes and initiatives to prop up the economy such as the 120-trillion-VND credit package for affordable housing, and the 30-trillion-VND one for the forestry and fishery sector, helping encourage and create motives for enterprises to develop in priority domains.

Credit growth has been on the upward trend, meaning the Government’s tax and fee cut policies and commercial banks’ concessional loans have shown efficacy, he said.

Various economic organisations expect demand for credit will increase in the second half of the year as interest rates are maintained at a low level, contributing to bolstering the economic recovery.

Vietcombank Securities Company has forecast credit for the whole year to grow at 12-13 per cent, with motives of the expansion being robust production activities, export, as well as the acceleration of public investment, particularly in key infrastructure projects.

Meanwhile, MB Securities Joint Stock Company has predicted the credit growth will reach 14 per cent this year, with high demand to be recorded in consumer finance, credit card and car loans thanks to low interest rates and retail sales recovery.