With a GDP growth target of 6-6.5% and a credit growth target of around 14-15%, which was set by the SBV, banks have generally propose their business plan in line with the industry's orientation. Interest rates have returned to pre-epidemic levels, cash flow difficulties related to corporate bonds and real estate businesses may worsen the bank's bad debt ratio. On the positive side, the government and industry are actively working to remove legal difficulties for real estate businesses, which we consider to be an important factor for the market and the banking industry to recover in the second half of 2023.
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