Gold loan outstanding balance remains at 128,000 taels in HCMC

According to the State Bank of Vietnam – Ho Chi Minh City Branch, gold loan outstanding balance has remained at 128,455 taels of gold, or nearly VND4.5 trillion, at ten credit institutions in the City.

(Photo: SGGP)

All banks in the City have already stopped gold mobilization and lending up to now. As for gold deposits, commercial banks have also finalized and excluded gold deposits from their balance sheets. Therefore, implicit risks by the movement of gold price will no longer affect local banking system.

Commercial banks have also reduced proportion of foreign currency mobilization and lending. Particularly, foreign currency deposits nearly touched VND185 trillion, accounting for 16.3 percent of total deposit whereas it accounted for 22 percent in 2012, and more than 27 percent in 2011.

"Total capital mobilized in the City in 2013 touched VND1,140 trillion, up 11 percent compared to the previous year" said To Duy Lam, director of the State Bank of Vietnam – Ho Chi Minh City Branch.

By Nhung Nguyen – Translated by Thuy Doan

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