National Assembly's Q&A session with State Bank Governor Le Minh Hung

During the Q&A session on Thursday, the governor discussed credit growth scenarios to fuel economic development:  “We plan to nurture a credit growth rate of 18% this year with flexible adjustment in the context of macro economic development. Credit growth must be of good quality and efficient. Supervision on credit growth must ensure financing on economic development without inflation pressure.”

The governor said he has directed expansion of credit access to agricultural farming while rejecting the legitimacy of Bitcoin as an encrypted currency in Vietnam. He listed solutions to deal with bad debt: “The legal framework must be fine-tuned to ensure a safe, fair and solid banking sector, including our submission of the draft Law on Credit Institutions. We have selected 6 pilot banks to speed up non-performing loans settlement before expansion to other banks. Our persistent policy is to stabilize the macro economy, and control inflation as a foundation to lower lending interest rates."