Vietnam's credit growth up 6.09 pct in 9 months

0 Comment(s)Print E-mail Xinhua, October 6, 2020
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HANOI, Oct. 6 (Xinhua) -- The total loans of Vietnam's banking system in the first nine months of this year expanded 6.09 percent against the end of 2019, according to the State Bank of Vietnam (SBV).

The rise was much lower than that of the same period last year, which stood at 9.4 percent, local Tap chi Tai Chinh (Finance Magazine) under the Vietnamese Ministry of Finance cited the central bank's figures as reporting on Tuesday.

The credit growth of the economy has gradually recovered since July, reaching 4.03 percent as of July, and 4.75 percent as of August. The credit growth for the first two quarters of this year was only 2.8 percent, according to the report.

Regarding the credit structure, the outstanding loans of the trade and services sector accounted for the largest proportion at 63 percent, followed by the industry and construction sector with 28.75 percent, said the report.

The SBV on Sept. 30 lowered benchmark interest rates as part of efforts to support the national economy amid difficulties posed by COVID-19.

Accordingly, the refinancing interest rate has been cut to 4 percent per annum from 4.5 percent, while the rediscount rate has been lowered to 2.5 percent from 3 percent.

Vietnam's banking sector recorded a credit growth of 13.65 percent year on year in 2019, down from 14 percent achieved in 2018, according to the central bank. Enditem

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