Credit growth rises by nearly 1 percent in first two months

SGGP
Evaluating the banking activities in February this year, the People’s Committee of Ho Chi Minh City said that the city’s banking industry continued to operate stably and maintain a positive growth rate, contributing to meeting the capital demand for the production and trade activities and to the economic growth of the city.
According to the State Bank of Vietnam – Ho Chi Minh City Branch, city-based credit institutions continued to implement effectively credit programs of the Government, the central bank, and the city.

Accordingly, the total capital mobilization of city-based credit institutions reached more than VND2.55 quadrillion by the end of February this year, an increase of 0.23 percent compared to the end of last year. Of these, deposits in Vietnamese dong continued to grow and accounted for a large proportion of the total capital mobilization with nearly 87 percent. The total credit outstanding balance exceeded VND2.31 quadrillion, up 0.8 percent compared to the end of last year.

Middle and long-term credit outstanding balance accounted for 52 percent of the total credit outstanding balance, up 1.45 percent compared to the end of last year; short-term credit outstanding balance accounted for 48 percent, up 0.12 percent. Of which, short-term loan outstanding balance in Vietnamese dong for five prioritized sectors reached more than VND162.33 trillion. Loans to support small and medium-sized enterprises accounted for a major proportion, at more than VND118.31 trillion, making up for 73 percent of the total loan outstanding balance of five prioritized sectors.

The loan outstanding balance of the market stabilization loan program reached VND297 billion with 31 enterprises participating in the stabilization program accessing loans. The accumulated loan balance of the program from April 1, 2019, to now is more than VND2.17 trillion.

By Nhung Nguyen – Translated by Thanh Nha

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