| STATE BANK OF VIETNAM ----------- No: 2956/NHNN-CSTT Ref: On controlling the credit activity in 2011 | SOCIALIST REPUBLIC OF VIETNAM Independence – Freedom – Happiness ----------------------- Hanoi, 14 April 2011 |
To:
- Credit Institutions
- Foreign bank’s branches
In order to control the credit activity in 2011 in line with the Resolution No. 11/NQ-CP dated 24 February 2011 of the Government and the Directive No. 01/CT-NHNN dated 01 March 2011 of the Governor of the State Bank on implementation of key solutions of focusing on inflation restraint, macro-economic stability and ensuring social security; the State Bank of Vietnam hereby requires credit institutions and foreign bank’s branches (hereinafter collectively referred to as credit institutions) as follows:
1. To prepare a plan and observe the credit growth rate at less than 20% in 2011 (including the price adjustment factor) under the Resolution No. 11/NQ-CP. Credit extension as provided for in Paragraph 14 Article 14 of the Law on Credit Institutions shall include such operations as lending, discount, finance leasing, factoring, bank guarantee and other operations of credit extension.
