VietnameseOfficial Dispatch No. 3976/NHNN-CSTT dated May 20, 2011 of the State Bank of Vietnam On controlling credit activity in 2011
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Official Dispatch No. 3976/NHNN-CSTT dated May 20, 2011 of the State Bank of Vietnam On controlling credit activity in 2011
| Issuing body: | State Bank of Vietnam | Effective date: | Known Please log in to a subscriber account to use this function. Don’t have an account? Register here |
| Official number: | 3976/NHNN-CSTT | Signer: | Nguyen Van Giau |
| Type: | Official Dispatch | Expiry date: | Updating |
| Issuing date: | 20/05/2011 | Effect status: | Known Please log in to a subscriber account to use this function. Don’t have an account? Register here |
| Fields: | Finance - Banking |
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Effect status: Known
STATE BANK OF VIETNAM ------- | SOCIALIST REPUBLIC OF VIET NAM Independence - Freedom – Happiness --------- |
No: 3976/NHNN-CSTT Ref: On controlling credit activity in 2011 | Hanoi, May 20, 2011 |
To: | - Credit Institutions - Foreign bank's branches - Banking Inspection and Supervision Department - State Bank's branches in provinces, cities |
As reported by credit institutions and foreign bank's branches, almost they planned to keep their credit growth at the rate of less than 20% and to reduce providing loans to non-production areas; some credit institutions and foreign bank's branches, however, planned to reach credit growth at the rate of higher than 20%, rate and proportion of loans to non-production areas higher than that of 2010. With a view to complying with the guideline of the Government on observing tight and prudent monetary policies, the Governor of the State Bank hereby requires:
1. Credit institutions, foreign bank's branches to prepare their plan and maintain credit growth at the rate of less than 20% during 2011; to reduce the rate and proportion of outstanding loans to non-production areas, particularly to real estates and securities business as compared to that of 2010. Any credit institution, foreign bank's branch that prepares its plan and maintains its credit growth rate at more than 20% in 2011 shall not be accepted by the State Bank of Vietnam.
2. The Banking Inspection and Supervision Department and State Bank's branches in provinces, cities shall proceed to inspect, supervise and strictly deal with any credit institution, foreign bank's branch that fails to comply with provisions of the Government and State Bank of Vietnam on controlling credit growth in 2011.
GOVERNOR OF THE STATE BANK Nguyen Van Giau |
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