Want to be in the loop?
subscribe to
our notification
Business News
CREDIT GROWTH REMAINS FAR FROM GOVERNMENT TARGET
Credit within the banking system to the end of May 2024 increased by only 2.41 per cent against the end of 2023, far from the credit growth targets, the Government reported.
The Government has set a credit growth target of 5 per cent for the first six months of 2024 and 15 per cent for the whole year.
Credit growth of banks in HCM City and Hà Nội by the end of May 2024 was double that of the average rate elsewhere in Việt Nam.
According to newly released data from the Hanoi Statistics Department, total outstanding loans in the capital city by the end of May 2024 reached VNĐ3.8 quadrillion, an increase of 1.14 per cent compared to the previous month and 5.09 per cent compared to the end of 2023.
Of the total, short-term outstanding loans were VNĐ1.6 quadrillion, an increase of 6.61 per cent compared to the end of last year and medium and long term outstanding loans reached more than VNĐ2.19 quadrillion, an increase of 4.01 per cent.
According to the Hanoi Statistics Department, credit institutions in the capital have promoted credit growth through offering many preferential credit programmes and packages and applying flexible interest rate policies.
The average lending interest rate is 7.5-9.7 per cent per year, while the maximum short-term loan interest rate for priority sectors, including agriculture, rural areas, exports and SMEs, is about 3.6 per cent per year.
Meanwhile, the HCM City Statistics Department reported the total outstanding loan of credit institutions in the city as of May 31 was estimated at VNĐ3.61 quadrillion, an increase of 4.5 per cent compared to the end of 2023. Of which, short-term outstanding loans were at nearly VNĐ1.72 quadrillion, up 6.1 per cent compared to the end of last year, and medium and long term outstanding loans were more than VNĐ1.89 quadrillion, up 3.1 per cent compared to the beginning of the year.
As for capital mobilisation, similar to the general trend of the whole country, capital mobilisation of credit institutions in the two cities decreased compared to the beginning of the year.
Banks in Hà Nội raised nearly VNĐ5.32 quadrillion by the end of May 2024, an increase of 0.15 per cent compared to the previous month and a decrease of 0.38 per cent compared to the end of 2023. Of the total, deposits reached VNĐ4.67 quadrillion and issuance of valuable papers reached VNĐ641 trillion.
Deposit interest rates offered by Hà Nội-based banks at the end of May increased slightly compared to February and March, reaching 0.1-0.5 per cent per year for non-term deposits, 1.8-3.3 per cent per year for 1-6 month deposits, 3-5.2 per cent per year for 6-12 month deposits and 4.1-5.7 per cent per year for deposits above 12 months.
In HCM City, by the end of May, the total mobilised capital of credit institutions was estimated at more than VNĐ3.52 quadrillion, up 0.2 per cent compared to the previous month and down 1.2 per cent compared to the beginning of the year.
Source: VNS
Related News
VN SHOULD FOCUS ON DEEPER INTEGRATION INTO THE GLOBAL SUPPLY CHAIN NETWORK
As international businesses look to create new links in the global supply chain, Việt Nam, as well as the rest of the Southeast Asia region, can emerge as a major destination for foreign direct investment (FDI), said economists and policymakers.
VIETNAM’S TEXTILE SECTOR AIMS FOR US$44 BILLION EXPORTS
Vietnam’s textile and garment industry is ramping up production in the final months of 2024 to reach its export target of US$44 billion, according to the Ministry of Industry and Trade. Textile production in September increased by a marginal 0.1% against the previous month but surged by 11.2% year-on-year.
DEX CONNEX VIETNAM 2024: UNLOCK BUSINESS OPPORTUNITIES WITH MALAYSIA'S LEADING TECH COMPANIES
On behalf of Sunwah Group Vietnam and Sunwah Innovations, in collaboration with the Malaysia Digital Economy Corporation (MDEC), we are delighted to cordially invite you to participate in DEX Connex Vietnam 2024 on Thursday, 14 November 2024 in Ho Chi Minh City.
VIETNAM MAY BE ONE OF THE FASTEST-GROWING EMERGING MARKETS BY 2035
The S&P Global Look Forward Journal, titled "Emerging Markets: A Decisive Decade", which considers the opportunities and challenges the next decade will bring for emerging markets' economic growth in terms of energy transition, supply chain integration, and labour productivity.
YEN BAI INDUSTRIAL ZONES AUTHORITY BOOSTING INVESTMENT PROMOTION AND ATTRACTION
The Yen Bai Industrial Zones Authority has actively diversified investment promotion and attraction forms for local industrial zones and achieved positive outcomes in recent years, helping improve the vibrant, high-quality and effective investment and business climate in local industrial zones.
NON-BANK CORPORATE BONDS FORECAST TO RECOVER IN YEAR-END MONTHS
Under an October 2024 corporate bond market report released recently, analysts of the rating agency FiinRatings said that the US Federal Reserve (Fed)'s first interest rate cut in four years was a positive sign for the Vietnamese exchange rate, after the State Bank of Vietnam (SBV) continuously sold the US dollar due to high capital withdrawal demand.