Credit growth rate tops 11 percent during first nine months 2017

Credit growth rate reached 11.02 percent as of September 20 this year, higher than 10.46 percent during the same period last year, reported the General Statistics Office of Vietnam (GOS).

Credit growth rate reached 11.02 percent during the first nine months of 2017

Credit growth rate reached 11.02 percent during the first nine months of 2017

Total means of payment increased 9.59 percent over the same period last year. Banks’ capital mobilization growth was 10.08 percent, down 12.02 percent.
GOS said that the credit growth maintained good momentum showing positive tendency and capital absorption ability of the economy.
Banks have positively implemented policies and requirements by the State Bank of Vietnam (SBV) to lower interest rates and short term rates to priority fields by 0.5 percent. They have also reduced interest rates in some mid and long term programs to these fields to 8 percent a year.
Customers getting loans for production and trading enjoyed a cut of 0.5-1 percent. Those having transparent financial conditions can get short term loans at 4-5 percent a year.
SBV branch in HCMC said that total outstanding loans in the city reached VND1,670 trillion (US$73.51 billion) at the end of September, up 13.5 percent over last yearend and 19.8 percent over the same period last year. That is nearly 3 percent higher than the country’s average rate.
Capital capitalization by credit institutions in the city hit VND1,940 trillion ($85.39 billion), increasing 9.2 percent over the same period last year. Credit in HCMC continued flowing into production, trading and business assistance.

By NHUNG NGUYEN – Translated by Hai Mien

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