January 7, 2019 / 3:51 AM / 8 months ago

Vietnam targets 14-percent credit growth this year - report

HANOI, Jan 7 (Reuters) - The State Bank of Vietnam is targeting a 14 percent increase in banks’ total lending this year, in line with the credit growth seen last year, state media reported on Monday.

New loans will be funnelled to prioritised sectors, online newspaper BizLIVE cited the deputy central bank governor Nguyen Thi Hong as saying, referring to areas such as manufacturing, agriculture and small and medium enterprises.

Vietnam’s economic growth traditionally relies heavily on increased credit, though the authorities have been trying to reduce this reliance.

Total money supply, or M2, rose 12.5 percent last year, the report said.

The ratio of bad debt on total loans stood at 1.89 percent at the end of last year, down from 1.99 percent at end-2017, it added.

Reporting by Khanh Vu; Editing by Sam Holmes

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