Vietcombank has almost reached its credit growth quota for 2018. (Source: Vietcombank) Hanoi (VNS/VNA) – More commercial banks expect their credit growth limits to be expanded this year after Techcombank became the first to get the nod to do so from the State Bank of Vietnam (SBV) recently. Nguyen Le Quoc Anh, General Director of Techcombank, said that the bank had recently been allowed to raise its credit growth limit from 14 percent to 20 percent this year. As a result, Techcombank will be permitted to lend an additional 6-8 trillion VND (256.41-341.88 million USD) in the last months of 2018. The move is good news for banks as the last quarter of the year is often the peak lending season while many banks have already hit their credit growth quotas for 2018. At the beginning of the year, the SBV set a credit growth limit for each commercial bank – ranging from 12-16 percent this year – depending on the bank’s health. According to analysts, the expansion of the limit was due to credit growth in the entire banking sector reaching just 9.89 percent as of early October, much lower than the 11.73 percent rate recorded a year earlier. The low… Read full this story
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