After a slump, bank credit in Ho Chi Minh City has picked up again and is expected to keep rising for the rest of the year since demand for funds is usually high at year-end, the State Bank of Vietnam has said.
A bank branch in HCM City. Bank lending has been accelerating in the city in the first half of the year. (Photo: Courtesy of ABBANK)
HCM City (VNS/VNA) - After a slump, bank credit in Ho Chi Minh City has picked up again and is expected to keep rising for the rest of the year since demand for funds is usually high at year-end, the State Bank of Vietnam has said.
Nguyen Duc Lenh, Deputy Director of the central bank’s HCM City branch, said banks’ outstanding loans as of June end were worth over 3.68 quadrillion VND (144 billion USD), 11.06% over the same period last year. Loans outstanding in dong accounted for 96%.
The growth consolidated a rising trend after 2.03% in June, 0.61% in May and 0.35% in April.
Bank lending has helped promote economic growth, he said.
He said the city economy grew at an “impressive” 6.46% in the first six months of the year.
Low interest rates along with focused credit programmes, preferential credit packages and debt restructuring during the period helped businesses.
Action programmes by the banking industry to support enterprises have promoted credit growth, he said.
Out of a preferential credit package worth 509.86 trillion VND registered by 17 banks this year, over 273.78 trillion VND has been disbursed to more than 79,300 customers through the bank - business connection programme, he added.
Nguyen Phuoc Hung, permanent Deputy Chairman of the HCM City Union of Business Associations (HUBA), said businesses in the city have high demand for funds.
Some 45% of businesses surveyed by HUBA want lower lending interest rates and more supportive policies to give them a hand in the context that demand has not completely recovered.
Businesses also wanted banks to “share their difficulties” by cont🐲inuing to reduce loan interest rates, he added./.
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