Loans to trade, services sector hit US$176.2 billion in 2017

January 22, 2018 - 17:57

Outstanding loans to the trade and services sector last year rose by 19 per cent against the end of 2016 to nearly VND4 quadrillion (US$176.21 billion), the State Bank of Vietnam reported.

Outstanding loans to the trade and services sector last year reached nearly VNĐ3.7 quadrillion (US$176.21 billion). - Photo dantri.com.vn

Viet Nam News

HÀ NỘI — Outstanding loans to the trade and services sector last year rose by 19 per cent against the end of 2016 to nearly VNĐ3.7 quadrillion (US$176.21 billion), the State Bank of Vietnam reported.

The number accounted for nearly 60 per cent of the total outstanding loans of the entire banking system.

Retail and wholesale as well as vehicle repairing had the highest loans last year -- VNĐ1.2 quadrillion. The segments surged 21 per cent against the end of 2016 and made up 31 per cent of the trade and services sector’s total loans.

Loans to the logistics and warehouse services rose 16 per cent to nearly VNĐ200 trillion in 2017.

Last year, credit growth reached 18.17 per cent, mainly flowing into production and business.

The central bank has so far announced a credit growth target of 17 per cent for 2018, however, it will closely monitor the market to make suitable adjustments from time to time.

SBV stated that lending this year would continuously focus on the Government’s prioritised sectors, such as agriculture, exports, spare-parts industries, small- and medium-sized enterprises and hi-tech firms, while limiting the capital to risky industries such as real estate, and securities. — VNS

Tags Vietnam trade services Vietnam News bank loans news

MM Mega Market recognised among the 'Top 100 Best Places to Work in Việt Nam 2024'

Economy

Green lifestyle changes drive people towards ethanol fuel

Economy

World Bank outlines path for Việt Nam to reach high income status

Economy

Việt Nam vows to create favourable conditions for Korean investors

Economy

Aeon Mall to be built in Cần Thơ City

Economy

Cyberattack risks surge with AI advancements

More on this story

Economy

First phase of Đầm Nại wind project completed

Three first wind turbines of the Đầm Nại wind project in the coastal Southern Central province of Ninh Thuận were completed and put into commercial operation from Saturday.

Economy

VPBank posts $356.6 million pre-tax profit

Việt Nam Prosperity Joint Stock Commercial Bank (VPBank) posted a pre-tax profit of more than VNĐ8.1 trillion (US$356.6 million) in 2017, registering a 65 per cent year-on-year increase.

Economy

Vietlott earned $168.6 million revenue in 2017

Việt Nam Lottery Company (Vietlott) reported a revenue of more than VNĐ3.8 trillion (US$168.6 million) in 2017, more than double the revenue in 2016.

Economy

Vietnam Airlines among top 10 companies in country

Vietnam Airlines Corporation has ranked 9th in the Top 50 Vietnam The Best.

Economy

VN’s FTAs: Boon or Bane?

As 2018 rolls in with newer and weightier free trade agreements (FTAs), Vietnamese enterprises are faced with a do or die situation. Eventually, they can either fully adapt and move up the global supply chain, or stand by helplessly while imported goods take over the country’s market.

Economy

State banks under great pressure to hike capital

If banks failed to increase their capital, it would have a strong negative impact on their credit plans. They would not be able to serve the economy as well as they ought to.

Economy

Banks expect higher profits from retail banking services

Banks are investing significantly in retail banking services instead of only focusing on corporate lending in the hope of gaining higher profits from the potential segment this year.

Economy

Association proposes stopping temporary import of sugar

The Việt Nam Sugar and Sugarcane Association has proposed to the Prime Minister not to allow an extension for temporary sugar imports for re-export as the sweet industry was struggling with high stockpiles and slumping prices due to illegally imported sugar.