HCM City sees record 18 percent credit growth

11:11 | 04/01/2017 Economy

Commercial banks in HCM City saw record credit growth of 18 per cent in 2016, according to the State Bank of Viet Nam (SBV).

Photo: tiepthitieudung.vn

To Duy Lam, director of SBV’s HCM City Branch, said the city’s total credit balance reached VND1,457 trillion (US$64.09 billion) last year, with the production and business sector accounting for 78 per cent of the total.

Commercial banks’ total deposits increased by 16 per cent over previous years, he said. In addition, a nationwide programme to connect commercial banks with enterprises under Government Resolution 35 achieved positive results.

To date, 21,914 customers in the city have received loans with a total amount of VND281.216 trillion ($12.36 billion).

In 2016, online banking services at commercial banks in the city continued to improve with the number of customers using the service surging by more than 54 per cent over 2015.

This year, SBV’s HCM City Branch will continue guiding commercial banks in the city to improve credit growth safely and sustainably.

SBV’s HCM City Branch plans to focus on providing loans for production and business fields, which will conform to credit growth regulations and credit growth targets, especially strict control credit for risky sectors such as stock, property and consumer credit.

It aims to continue monitoring monetary and credit policies in 2017 to maintain stable inflation, achieve its credit growth target, facilitate economic growth, and remove obstacles for enterprises.

Theo VNS