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1st quarter lending grows at double the rate as deposits in HCM City

Update: April, 02/2021 - 13:46

 

Deposits at HCM City banks grew by only 0.8 per cent in the first quarter from the end of 2020 while outstanding loans grew 1.7 per cent, according to the State Bank of Việt Nam. – Photo vietnamplus.vn

HCM CITY – Loans outstanding at HCM City banks have risen by 1.7 per cent for the year in the first quarter but deposits by only 0.8 per cent, according to the State Bank of Việt Nam (SBV).

They were 1.47 per cent and 0.54 per cent for the country, according to the General Statistics Office.

Credit growth has rebounded with the COVID-19 pandemic being controlled and economic activities gradually returning to normal.

Analysts said banks are competing with the securities and property markets to attract money, and so have increased deposit interest rates.

Remittances to HCM Cịty rose 10.2 per cent year-on-year to US$1.45 billion. The figure was impressive considering the severe impacts of the COVID-19 pandemic, Nguyễn Hoàng Minh, deputy director of the SBV’s HCM City branch, said.

Last year remittances rose by 12 per cent to a record US$6.1 billion.

The main remittance markets remained the US, Australia and Canada, but major labour export markets such as Japan, Taiwan, Malaysia, and South Korea showed signs of slowing down due to COVID, Minh added.

According to the World Bank, remittances to Việt Nam last year were worth $15.7 billion, which kept it in the global top 10 list. – VNS

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