Friday, December 9 2016

VietNamNews

Domestic credit growth climbs to three-year high

Update: May, 06/2015 - 08:16

The NFSC noted that the loan-to-deposit ratio in February was 84 per cent. — Photo vinacorp

HA NOI (VNS) — Viet Nam's credit growth rate reached 2.78 per cent in the first four months this year – the highest in three years, according to the National Finance Supervision Council (NFSC).

The NFSC noted that the loan-to-deposit ratio in February was 84 per cent.

It added that the country's economy has experienced a clear recovery with macroeconomic stability that has encouraged rapid and sustainable growth.

The latest report issued by the NFSC on Monday showed that the total demand saw many positive changes, with the total investments in the first quarter of the year rising 9.1 per cent over the same period last year.

By April 20, this year's credit growth reached 2.78 per cent, much higher than the 0.53-per cent increase during the corresponding period last year. The FDI disbursement during the first four months of the year reached US$4.2 billion, posting a 5-per cent year-on-year rise, while investments from the state budget rose 2.4 per cent from last year.

In addition, consumption also improved. The total retail of goods and services, excluding a price rise during the four-month period, rose by 8 per cent over the same period last year.

The industrial and construction sectors also made a strong recovery, contributing to the high growth rate.

The Index of Industrial Production posted a 9.4-per cent year-on-year increase. In this, the processing and manufacturing industry grew by 10 per cent from 2014.

The construction sector and property trading activities also improved, with their growth rates in the first quarter of the year reaching 4.4 per cent and 2.55 per cent, respectively.

Average revenue, assets, and equity enterprises posted a growth rate of 19.61 per cent, 19.51 per cent, and 18.9 per cent, respectively.

Business sentiments among Vietnamese firms have also recovered despite many obstacles.

Small and medium enterprises regained a positive growth rate of 28.31 per cent, the highest since 2009. — VNS

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