The credit growth of Vietnamese banks in the first five months of this year expanded by 5.07 percent against the end of 2018, the State Bank of Vietnam (SBV) reported.

The rise was lower than that of the same period last year, when the credit rose by 6.16 percent.
Despite the moderation of credit growth, experts are not concerned about the slowdown, saying it was even a good sign for the economy.
Can Van Luc, chief economist of the Bank for Investment and Development of Vietnam (BIDV), said he was not surprised at the moderate credit growth, explaining the SBV had targeted controlling credit growth since the beginning of this year to curb inflation and stabilise the macro-economy.
According to Luc, local firms are no longer too dependent on bank loans as they could raise capital from the securities and bond markets. The domestic market has also witnessed new capital supply channels, such as fintech and peer-to-peer companies.
As a result, Luc said moderate credit growth was a good sign for the economy./.
Source: VNS