Credit growth among Ha Noi lenders reaches nearly 17%

Friday, Jan 11, 2019 15:17

VietinBank funded many rural development projects in 2018. — Photo VietinBank

The total value of outstanding loans and investment capital among Ha Noi-based credit institutions in 2018 surged by 16.92 per cent against the previous year to VND1,870 trillion (US$80.26 billion), the State Bank of Viet Nam (SBV)’s Ha Noi branch reported.

The growth was much higher than the 14 per cent average across the entire banking system.

Of the total, outstanding loans accounted for 88.35 per cent and surged 18.69 per cent, of which short-term loans rose by 19.75 per cent and medium- and long-term loans increased by 17.93 per cent.

Credit institutions also actively participated in funding new rural development projects, which are among the Government’s five priority areas of agriculture businesses, firms producing goods for export, small- and medium-sized enterprises, enterprises operating in auxiliary industries and high-tech enterprises including start-ups.

The Commercial Joint Stock Bank for Agriculture and Rural Development of Vietnam (Agribank), Commercial Joint Stock Bank for Investment and Development of Vietnam (BIDV), Commercial Joint Stock Bank for Industry and Trade of Vietnam (VietinBank), and Commercial Joint Stock Bank for Foreign Trade of Vietnam (Vietcombank) took the lead with the largest outstanding loans of nearly VND36 trillion, accounting for 87.37 per cent of the banking industry’s total.

Some 85,529 individual customers, 982 businesses and 10 co-operatives enjoyed incentive programmes from Ha Noi-based lenders.

The institutions also strictly controlled credit quality and accelerated bad debt settlement, helping their bad debt ratio stay at 2.3 per cent of total outstanding loans. — VNS

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