Total outstanding loans by commercial banks in HCM City in 2017 rose 18.5 per cent from 2016 to more than VND1.74 quadrillion (US$76.73 billion), according to the State Bank of Viet Nam’s HCM City branch.

Figures from the State bank’s branch also show total mobilised capital of credit institutions in the southern metropolis was VND2 quadrillion, an increase of 15 per cent year-on-year.

Lending rates for short-term loans in five prioritised sectors of agriculture, exports, supply-parts industries, small- and medium-sized enterprises and hi-tech businesses last year were kept at around 6-6.5 per cent, down 0.5 percentage points compared to the end of 2016.

Several lenders in the city said their 2017’s targets have all been reached. In particular, the retail sector showed great potential to grow faster in the new year.

Deputy Governor of the State Bank of Viet Nam Dao Minh Tu urged commercial banks in the city to closely watch the market to ensure timely lending to firms in order to help them boost production and cover expenses for import and export of goods to meet the demands of consumers for the upcoming Tet (Lunar New Year) holiday.

In addition, banks should ensure enough cash for ATM withdrawals during the holiday, he added. — VNS