Soaring bad debts of Hanoi-based banks to hurt stability of financial system

Sky-high interest rates could discourage business expansion and soaring bad debts would hurt financial system stability, said the report on socioeconomic outlook for the first six months and solutions for the second half of the year at the opening session of Hanoi People’s Council meeting on 10 July.

Accordingly, the city’s GDP is estimated at 7.6pct for the first half of the year. CPI tends to slow down picking up merely 2.57pct in June over December last year.

However, economic growth fell short of estimate, the real estate market has been frozen and business difficulties remain.

The six ending months are expected to see several measures including easing burdens for businesses; loosening interest rates with priority given to agricultural and rural development, small and medium sized enterprises, supporting industries, exporting and social security purposes.

 

Category: Finance