Credit grows by 6.09 percent in first half of 2015

09:04 | 25/06/2015 Finance - Banking

Vietnam recorded a credit growth rate of 6.09 percent by June 18 compared to the end of 2014 and 18.98 percent from the same period last year, according to Deputy Governor of the State Bank of Vietnam (SBV) Nguyen Thi Hong.

Credit grows by 6.09 percent in first half of 2015

Illustrative image (Source: VNA)

Banks offered a substantial amount of credit to agriculture and rural development with outstanding loans by June 30 increasing by 7.71 percent from December 31 last year.

Credit growth was also seen by the end of March in the four other prioritised fields, namely export (3.9 percent), small- and medium-sized enterprises (1.88 percent), prioritised industries (0.2 percent), and businesses applying hi-tech (24.02 percent), Hong said at a press conference reviewing the sector’s six-month performance on June 23.

Regarding recent interest rate increases for under-six-month deposits, she said the move has been sporadic.

She explained that when the interest rate cap was set for under-six-month deposits, banks with abundant capital sources offered interest rates lower than those of other institutions. Now these banks are raising their short-term deposit interest rates to fall in line with those of their counterparts.

Interest rates for over-six-month deposits are still stable, she added, noting that overall deposit and lending interest rates were cut by 0.2-0.5 percent and 0.2-0.3 percent a year, respectively.

At the press conference, the Deputy Governor reiterated that the SBV will keep the fluctuations of the VND/USD exchange rate below 2 percent in 2015, as set in its policy for the year, though the rate has already been adjusted by 1 percent twice this year./.

Source: VNA

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