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HCM City credit grows 6 per cent

Update: October, 04/2014 - 09:04
A customer makes a transaction at HSBC Bank. HCM City's total deposits increased by 4.71 per cent in the first nine months to reach VND1,226 trillion ($57.55 billion). — VNA/VNS Photo Quang Nhut
HCM CITY  (VNS) — HCM City achieved a 6.05 per cent credit growth worth VND1,010 trillion (US$47.4 billion) from January to September 2014, the local government announced on its website on Thursday.

Outstanding loans in Vietnamese dong accounted for 83 per cent or VND839 trillion ($39.39 billion) of the total number of loans, while foreign currencies made up the remaining 17 per cent or $8 billion. Short-term loans made up 51 per cent of the portfolio.

Loans in priority sectors, including rural and agricultural development, exports, small and medium enterprises, auxiliary industries and high-technology applied enterprises, totalled VND136.24 trillion ($6.4 billion), a 7.9-per cent increase over that of the end of 2013.

The city's total deposits increased by 4.71 per cent in the first nine months to reach VND1,226 trillion ($57.55 billion). Of these, deposits in dong made up 84.7 per cent.

By end-July, the city's bad debt was estimated to be worth VND59 trillion ($2.76 billion), making up 5.93 per cent of total outstanding loans, or a 1.24-per cent increase over that of last December.

Nguyen Van Binh, the State Bank of Viet Nam (SBV) governor, told the National Assembly Standing Committee last week that bad debts nationwide amounted to eight per cent of total outstanding loans as of late July. Binh said he would bring down the ratio to six per cent by year-end.

The country's credit growth from January to September 2014 reached 7 per cent while the annual target is set at 12 to 14 per cent. — VNS

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