The State Bank of Vietnam’s recent decision to revise up the 2022 credit growth target of the banking system has eased access to bank loans amid a credit crunch, especially at the peak season to prepare for Lunar New Year.

Minister of Trade and Industry Dang Hoang An and Italian Undersecretary for Foreign Affairs Manlio di Stefano co-chaired the seventh meeting of the Joint Commission on Economic Cooperation, following a two-year hiatus caused by the COVID-19 pandemic.

Deputy Prime Minister Le Minh Khai has approved the sovereign credit rating improvement project by 2030, part of an effort to make Vietnam a developing and upper-middle-income country with modern industry.

The State Bank of Vietnam has urged lenders to not relax credit approval conditions but set tighter control on foreign currency lending and granting loans in high-risk sectors.

Despite the negative impact of the COVID-19 pandemic, the remittance flow to the country throughout 2021 reached more than US$12 billion, an increase of 10% compared to 2020, according to data published by the State Bank of Vietnam (SBV).

Work on HCM City’s Tan Son Nhat International Airport Terminal 3 is scheduled to kick off in December.