Q1 loans reach $45 billion in HCM City

Friday, Apr 04, 2014 15:55

Lending totaled $45 billion in HCM City in the first quarter of this year. -- Photo bizlive.vn

HCM CITY (Biz Hub) – HCM City's credit institutions' total outstanding loans reached about VND954 trillion (US$45.43 billion) during Q1, up 0.12 per cent over the end of 2013 and increasing 8.3 per cent year-on-year.

This information was revealed by the municipal People's Committee.

Dong loans reached VND797.2 trillion, down 0.57 per cent over the end of 2013, while loans in foreign currencies reached VND156.8 trillion, up 3.75 per cent. Bad debts constituted around 4.85 per cent of all loans.

The committee stated that the institutions continued to focus on lending to production and business enterprises in line with the government's directions to assist enterprises and support economic growth.

Loans totalled over VND133 trillion (US$6.33 billion) for prioritised sectors, including agriculture and development of rural areas, exports, small and medium-sized enterprises (SMEs), high-tech firms, and support industries. Lending for SMEs alone accounted for up to 61.5 per cent of the value.

In the first quarter, lenders in the city raised nearly VND1,175 trillion (US$55.95 billion) in deposits, an increase of 0.36 per cent over the end of 2013 and a rise of 12.3 per cent year-on-year.

The committee noted that the stable exchange rate, which is maintained at VND21,036 per dollar on the inter-bank market, is helping to stabilize the monetary situation. – VNS

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