SBV said that credit growth for the whole economy has gradually recovered since July, with a growth rate of 403 percent, an increase of 475 percent in August, and an increase of nearly 6.1 percent by the end of September. Meanwhile, credit growth was only 2.8 percent in the first two quarters of this year. The credit outstanding balance of trade and services accounted for a large proportion of 63 percent, with the highest credit growth of about 632 percent. That of the construction industry was estimated to increase by 589 percent, accounting for 2875 percent. Credit for the agriculture, forestry, and fisheries sector accounted for 866 percent, estimating to increase by 509 percent.

Credit has continued to concentrate on priority sectors under the direction of the Government, especially some sectors that are now taking advantage of the new context. Particularly, export credit increased by about 7 percent; credit for agriculture and rural areas increased by 5 percent; credit for small and medium-sized enterprises in supporting industries and high-tech enterprises, which had with lower credit growth, but accounted for a small proportion of credit outstanding balance of the economy, increased by about 5.5 percent.

In the context of economic difficulties due to the impacts of the Covid-19 pandemic, the credit results in the first nine months of this year have positively contributed to supporting the country’s nine-month GDP growth to reach 212 percent.

By Nhung Nguyen – Translated by Bao Nghi