Vietnam’s credit growth hits 9.52 percent in first nine months

14:54 | 09/10/2018 Finance - Banking

The total credit into the Vietnamese economy as of September 20 rose 9.52% against the end of 2017, according to the General Statistics Office (GSO).

During the same period, the M2 money supply increased by 8.74%, while funds mobilised by credit institutions went up 9.15%.

The interest rates ranged between 0.6% and 1% for non-term deposits and deposits of less than one month, 4.3%-5.5% for deposits with terms of one to less than six months, and 5.3%-6.5% for deposits with terms of 6 months to less than 12 months.

Deposits with terms of over 12 months enjoyed interest rates of 6.5%-7.3%.

The lending rates were between 6% and 9% for short-term loans and 9-11% for medium and long-term loans, while customers with good ratings could secure short-term loans at just 4%-5%.

According to the GSO, the insurance business continued to record high growth in the third quarter, expanding by an estimated 18% against the same period of last year, with revenues of general insurance and life insurance up by 14% and 20%, respectively.

The business’s revenues in the first nine months of 2018 rose 22%, with general insurance and life insurance increasing by 13% and 27%, respectively.

Theo NDO