Vietnam central bank says will prioritise growth, sees big credit expansion

HANOI (Reuters) -Vietnam’s central bank expects credit to increase by 19% to 20% this year and will prioritise economic growth while maintaining stability in the face of global uncertainties, senior officials said on Friday.

Deputy Governor Pham Thanh Ha also said at a press conference that commercial banks’ lending interest rates were on a downward trend and called for further cuts.

“The global economic and political situation has so far this year evolved in an unpredictable manner, with market concerns about the U.S. tariff policy, the risks of a global trade war and geopolitical conflicts,” Ha said.

Pham Chi Quang, who heads the monetary policy department, said the State Bank of Vietnam would focus on stopping non-performing loans from rising, and said lending to risky sectors would