As many banks have reached their credit growth limit, they are seeking for additional space from the central bank to meet the increasing credit demand from businesses during the year-end. As the end of the year is approaching, many companies are in need of capital to finalise their orders or expand scale to accommodate the high season of New Year and Vietnam’s Lunar New Year. Banks that have hit their credit growth target request the State Bank of Vietnam (SBV) to extend their credit quota so that they can meet the high credit demand from customers. Banks in search for additional credit growth quota Nguyen Dinh Tung, general director of Orient Commercial JSB (OCB), said that the remaining space for credit growth for the year is not sufficient. Therefore, OCB, along with many other banks, are petitioning the SBV to raise their credit growth quota to boost lending during the peak business season. Vietcombank’s credit growth, as per its interim financial report for the third quarter, was 15.6 per cent, 0.6 percentage point higher than the target of 15 per cent set at the beginning of the year. Given the credit growth targets ranging from 14 to 15 per cent… Read full this story
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