Vietnam’s first quarter credit growth at 2.23 percent: GSO

Vietnam’s General Statistics Office (GSO) said that as of March 20, the number of payments grew 3.23 percent compared to last year at 2.88 percent.

Commercial bank deposits also went up by 2.20 percent; however it is 2.43 percent lower compared to the same period last year. Vietnam’s credit growth was 2.23 percent in first quarter while it was 2.81 percent in last year’s first quarter.
GSO’s report said that deposit interest rates were also stable, at 6.5 - 7.3 per cent for deposits in Vietnamese đong over a 12-month term.
Lending interest rates for prioritized sectors stood at 6 - 6.5 per cent over 12-month term while it was 6.7 - 9 percent in short -term loans and 9.3 - 11 percent in long-term loans for other sectors. For businesses with transparency in finance report, lending interest rate was 4 - 5 percent over 12 months as short-term loans.
The office of State bank of Vietnam in the HCMC said that credit growth of institutions in the city in the year’s first quarter was estimated 3 percent higher than the growth in the end of 2017 and much higher than the country’s general growth.
The surplus from lending in five prioritized sectors including agriculture and rural development, export, small and medium-sized enterprises, part-supplying industry and high-tech production accounted for 62.5 percent in total surplus in the city.

By HANH NHUNG - Translated by UYEN PHUONG

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