The information that Vietnam is about to change its currency is fabricated.

Deputy Governor of the State Bank of Vietnam, Dao Minh Tu, affirmed that the information about currency exchange is completely false and that the public needs to be extremely vigilant.

Regarding recent press reports about people rushing to buy gold and foreign currency due to rumors of a new currency exchange, at a government press conference on the afternoon of November 29th, Deputy Governor of the State Bank of Vietnam, Dao Minh Tu, affirmed: This information is completely false. Society needs to be extremely vigilant against such misleading information and not allow rumors to seriously affect people's lives and especially national monetary security.

Deputy Governor of the State Bank of Vietnam, Dao Minh Tu.

"The media needs to disseminate information and remind people to be extremely vigilant, even in the context of our stable and developing economy, all such information is detrimental. I reiterate that this is fabricated information," Deputy Governor Dao Minh Tu stated clearly.

Regarding the plan to achieve credit growth of 18-20%, which had only reached 14.3% as of November 22nd, Deputy Governor Dao Minh Tu stated that the figures released by the Minister and Head of the Government Office showed that outstanding credit had grown by approximately 14.03%, with VND-denominated credit growth at around 15.28% and foreign currency credit growth at around 2.8%.

Representatives from the State Bank of Vietnam (SBV) still affirm that the SBV's initial plan setting a credit growth target of 18-20% for 2016 is merely a guiding figure for operational management, not a legally mandated target or a plan that must be achieved.

Because in monetary policy management in general, and especially in increasing credit growth in particular, the primary goal of credit growth is to serve economic growth and inflation control. Therefore, the level of credit growth must meet the requirements, which is the highest objective.

Furthermore, it is necessary to ensure that credit growth increases while simultaneously controlling credit quality, and especially in 2016 and subsequent years, controlling credit quality to prevent the 발생 of additional bad debts while simultaneously dealing with bad debts from previous years.

"Therefore, the current rate of 14.03% fully meets the important requirements, and with more than a month remaining, following the practice of previous years, the end of the year is a time of very rapid credit growth. Increasing it from 14% to 18% is certainly something we can manage," Deputy Governor Dao Minh Tu affirmed.

According to Deputy Governor Dao Minh Tu, expanding credit simply to achieve a loan growth rate of 18-20% is not difficult at all, especially given that many credit institutions and commercial banks have recently requested the State Bank of Vietnam to further increase their credit growth limits this year.

However, due to the need to control inflation, maintain interest rate levels, and ensure the liquidity of commercial banks, the State Bank of Vietnam has determined that a loan growth rate of approximately 14% at present, and 17-18% by the end of the year, is reasonable and achievable.

Under these circumstances, the State Bank of Vietnam (SBV) has identified that current capital flows should focus primarily on the five priority areas directed by the Government, paying particular attention to current policy credit packages for overcoming difficulties caused by natural disasters and environmental issues, as well as focusing on some essential sectors to create added value and promote economic growth.

According to VOV