Credit shows signs of good growth
Credit of the whole banking system fell in the first five months of this year but in May alone, credit surged again. Credit at many banks also has shown signs of good growth, according to the local newswire Thoi Bao Kinh Te Saigon (Saigon Economic Times).
Representative from Military Commercial Joint Stock Bank (MB) said that till May 31, MB’s credit growth was 8.1%, or 42 percent of the additional loan plan in 2012, higher than the average credit growth of the entire banking system (-0.2%). The bank’s credit growth is much higher than that at other banks so far.
Also according to MB, the additionally increased credit mainly focused in prioritised sectors in line with the State Bank of Vietnam (SBV)’s policy such as agriculture and rural areas, export, small and medium sized enterprises (SMEs) and supporting industry.
The figure from the central bank stated that the common credit of the banking system in Jan-May period was negative. However, in May alone, credit of the entire banking system has soared again. In HCM City, the total outstanding loans in June increased nearly 2%.
Representative from Vietnam Commercial Joint Stock Bank for Foreign Trade (Vietcombank-VCB) said that VCB’s credit growth has reached 3.6 percent in the first half of 2012. Especially, the lender revealed that the total savings at Vietcombank have increased 260 billion dong, or 7.5 percent versus the end of 2011.
According to the press release on June 28 of Vietnam Export Import Commercial Joint Stock Bank (Eximbank-EIB), after two weeks of launching lending programme in dong for individuals and institutions who have forex rate insurance at the lending interest rate of 7 percent per year, the lender has disbursed about 2.7 trillion dong.
On Jun 26, the new general director of Vietnam Technological and Commercial Joint Stock Bank (Techcombank), Simon Morris, also expressed the optimism.
“In comparison with the previous 12 months, we can see that policies on credit, inflation control and forex rate stabilisation have taken effect. With positive evolutions of the market, people start to have trust again” Simon Morris said, adding that the number of dossiers for home loans at Techcombank has increased and the market is showing signs of warmer.
Category: Finance
