Vietnam Credit Growth Set at 25%, Rational Level, Minister Phuc Says
Credit growth of 25% set for 2010 is at the rational level because it will ensure to maintain the economic growth target of 6.5% and the macrocosmic stability, Minister of Planning and Investment Vo Hong Phuc said.
Minister Phuc explained that due to the economic slowdown the government loosened the monetary policies, which resulted in credit growth of 37% to 38% last year.
In the recent years, Vietnam’s economy expanded by 7% to 8% while credit growth curbed at 25%-27%, Phuc noted.
Speaking about the restructure of many economies in the world including China’s, Phuc said Vietnam’s economy will benefit from the economic restructure as demand for consumer goods, food and foodstuff there will likely rise.
Last year the domestic economy slowed down to 5.32% thanks to the government’s multibillion dollar packages from 6.18% in 2008, and with the momentum it will likely expand 6.5% this year, Minister Phuc forecast. (Labourer)
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