On behalf of the State Bank of Vietnam - the central bank of Vietnam - Deputy-Governor Dao Minh Tu denied a rumour that the SBV will effect a devaluation of the Dong at the regular Government meeting on November 29.
The SBV advises local people and traders to be cautious about this rumour. Any changes in the value of banknote denominations in other countries does not affect, and has no relation to, the stability of the Vietnamese Dong.
At the meeting, the Deputy-Governor also confirmed that the banking sector is fully capable of reaching the set credit growth of 18% by the end of 2016. He said that SBV is planning to manage credit growth to serve economic growth and control inflation.
“It is not difficult to reach the credit growth target of between 18 and 20 percent. Over recent days in particular, a number of credit institutions have submitted/proposed that SBV should expand their own credit limit. However, in order to meet the requirements of controlling inflation, the credit rate and commercial banks’ liquidity, the SBV determines that a credit growth rate of 14.03% at present and around 18% this year is reasonable and attainable”.
Moreover, Mr Tu said that the capital flow currently continued to focus on 5 priority fields, in particular on the credit package related to solving marine-environmental problems, natural disasters, floods and the manufacturing sector, creating high added value.
Nguyen Giang