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HCMC loan growth put at 10.92%

The Saigon Times Daily
Wednesday,  Sep 6,2017,22:31 (GMT+7)
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HCMC loan growth put at 10.92%

The Saigon Times Daily

Customers transact with staff of Eximbank, a commercial joint-stock bank in HCMC. Total outstanding loans in HCMC had amounted to VND1,630 trillion (US$71.7 billion) by early this month, up 19.8% versus the year-ago period - PHOTO: THANH HOA

HCMC – Total outstanding loans in HCMC had amounted to VND1,630 trillion (US$71.7 billion) by early this month, up 19.8% versus the year-ago period and 10.92% against December last year, according to the HCMC Statistics Office.

According to Lao dong newspaper, commercial joint-stock banks lent a total of VND887.3 trillion, accounting for 54.28% of the total in the city’s banking system and increasing 16.62% year-on-year. Thus, the State Bank of Vietnam’s credit promotion policy paid off. 

Foreign-currency loans totaled VND154.2 trillion equivalent, up 15.47% against the same period last year and making up 9.44% of the total. Meanwhile, loans in Vietnamese dong grew 20.27% to VND1,480 trillion, 90.56% of the total.

The amount of capital mobilized by banks in the city had reached VND1,890 trillion by early this month, growing 0.76% over last month and 12.61% year-on-year. Of which, foreign and local currency capital made up 12.01% and 87.99% respectively, 6.28% and 13.53% higher than in the year-ago period.

Commercial joint-stock banks made up 52.79% of the total capital raised, up 8.75 points year-on-year.

According to a State Bank of Vietnam report, commercial banks applied an annual interest rate of 6-6.5% to short-term loans and 9-10% to medium and long-term loans for customers in priority fields.

For normal loans, the respective interest rates were 6.8-9% for short terms and 9.3-11% for medium and long terms while clients with a high level of creditworthiness were subject to 4-5% for short-term loans.

In addition, banks charged an annual interest rate of 2.8-4.7% on short-term loans in U.S. dollar and 4.7-6% on medium and long-term ones.

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