Công văn 3976/NHNN-CSTT

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.