SBV is open to the possibility of further rate cuts
Bank lending rose 9 as of September 30 from end2023
Vietcombank, MBBank takeover Construction Bank, Oceanbank respectively

HANOI, Oct 17 Reuters Vietnam can still meet its economic growth target this year despite the extensive damage caused by Typhoon Yagi and is open to the possibility of interest rate cuts, central bank deputy governor Dao Minh Tu said on Thursday.

Tu also told a media briefing that business and manufacturing activities were recovering from the typhoon.

The central bank will continue to pursue supportive monetary policies during the rest of the year, Tu said.

We will keep policy rates at least at the current levels, and are open to the possibility of further rate cuts.

The central bank, formally known as the State Bank of Vietnam SBV, reported that bank lending had risen 9 as of Sept. 30 from end2023.

Vietnam39;s economic growth largely relies on bank lending, and the central bank is targeting credit growth of 15 this year.

Vietnam39;s gross domestic product GDP rose 7.4 in the third quarter from a year earlier, the strongest pace in two years, as growth in exports, industrial production and foreign investment offset the initial effects of typhoonrelated flooding and damage in September.

Average consumer prices in the first nine months of this year rose 3.88 from a year earlier, below the government39;s targeted inflation cap of 4.5 for the year.

At Thursday39;s meeting, the central bank…