HANOI, Sept. 22 (Xinhua) -- The State Bank of Vietnam, the central bank, has approved the extension of credit growth limits for many commercial banks to support the country's economic growth.
Specifically, credit quota of Bank for Foreign Trade of Vietnam (Vietcombank) has been extended to 18 percent from 16 percent, while that of Orient Commercial Joint Stock Bank (OCB) jumped to 22 percent from 14 percent, leaders of these banks said on Friday.
Similarly, the ceilings for loans were lifted from 16 percent to 24 percent and 20 percent at Vietnam International Joint Stock Commercial Bank (VIB) and TienPhong Bank (TPBank), respectively.
So far this year, lending of the banking system has been positive and many banks have used most of the assigned room.
The extension is to pump more capital into the economy to meet market's demand during the peak business season at the end of the year.
Under prevailing regulations, the central bank sets credit growth limits for each commercial bank depending on the bank's health at the beginning of the year.
Credit growth of the Vietnam's banking system was 11.5 percent by the end of last month, compared to 10.2 percent by the end of August 2016, according to the country's National Financial Supervisory Commission.
