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Credit growth is reported to be capped at 25% as announced by State Bank, causing banks to lock up loans by the three ending months of 2009.

Despite difficulties, domestic economy recovers thanks to several stimulus strategies of the government in 2009, drawing larger number of enterprises asking for capital loans from banks. However, after being loosen up, monetary policies of mortgage, daily use, and rate-supported have provoked credit growth to 38% in the whole banking system, exceeding 25%-estimation of the State Bank. Once credit growth is higher than capital mobilization, banks will be stressed to balance their capital in the market.

Sacombank Binh Duong Director Pham Thanh Ký said that customers now choose short-term deposits rather than long-term ones. Banks, then, promote their customers by many programs including lottery and gifts, contributing to interest rate at 12% a year. No matter how they have tried, they failed and were obliged to restrict loans.

Credit is tightening up by banks to prevent inflation to hit again.

Meanwhile, Agribank Binh Duong Director Nguyen Ngoc Viet said that the unbalance between capital mobilized and loans has lower down middle and long-term loans. Therefore, liquidity of banks would eventually be lower than before, causing troubles to banks in terms of development. And according to Mr. Viet, this was one of the reasons forcing banks to control their credit and restrict unnecessary loans when competition pressure is high but interest rate puzzles not solved.

By the year’s end, demands for capital was rising high while banks postponed loans. Enterprises, therefore, face more difficulties in planning their business.

Banks claimed that beside reason of capital unbalance, there are other reasons. They said that high growth of credit has caused people to draw more than deposit and banks should change their criteria for loans.

Dong A Binh Duong has confirmed to continue offering loans but in prioritization for transferring projects to be completed in 2010, focal projects and programs of the government, rural service, and traditional customers.

It is expected that people will face more difficulties in 2010 when they need capital from banks because loans are tighten up to prevent potential risks.

Reported by Thanh Hong – Translated by Vi Bao