HCM City-based banks’ credit growth on steady upward path
Total outstanding loans at credit institutions in Ho Chi Minh City were worth nearly 3.36 quadrillion VND (137.7 billion USD) as of September 30, a 0.72% increase from the previous month, according to the State Bank of Vietnam (SBV).
Credit growth at credit institutions in HCM City is fairly high in August and September compared to previous months, consolidating a rising trend. (Photo courtesy of Vietbank)
HCM City (VNS/VNA) - Total outstanding loans at creditinstitutions in Ho Chi Minh City were worth nearly 3.36 quadrillion VND (137.7billion USD) as of September 30, a 0.72% increase from the previous month,according to the State Bank of Vietnam (SBV).
Nguyen Duc Lenh, Deputy Director of the SBV’s Branch in HCM City,said credit growth was fairly high in August and September compared to previousmonths, consolidating a rising trend.
“This reflects the impact and effectiveness of the credit andmonetary policies, along with solutions to support businesses and consumersrolled out by the Government, SBV and HCM City,” he said.
Twenty five meetings have been organised in the city this year tolink up banks with businesses, and preferential loan contracts for over 469trillion VND (19.2 million USD) were signed there, more than exhausting thecredit packages the former had registered at the beginning of the year, hesaid.
Besides, banks have continued to implement the Government’s 2%interest subsidy programme, restructure and roll over loans and lend to thecity’s five priority sectors and projects under its investment stimulationprogramme.
The SBV’s low interest rate policy has not only supportedenterprises to reduce costs but also encouraged them to borrow capital forproduction, trading and market expansion, Lenh said.
Higher economic growth by the country and city, and a strongperformance by manufacturing, tourism, services, and increasing exports havealso promoted credit growth, he pointed out.
Enterprises are getting more export orders and also preparing forthe Tet (Lunar New Year)holidays domestically, resulting in higher demand for credit.
To promote credit growth in the rest months of the year, the SBVsaid the banking industry would continue to focus on overcoming difficultiesand upholding the efficacy of the meetings between banks and enterprises.
Banks would work to ensure credit growth, thus fostering economicgrowth, it added./.
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Credit growth at credit institutions in HCM City is fairly high in August and September compared to previous months, consolidating a rising trend. (Photo courtesy of Vietbank) 
