Assets of State-owned banks, including Vietcombank, rose by only 6.42 per cent to VND4.86 quadrillion last year. — Photo Vietcombank

Total assets of credit institutions and foreign banks in Viet Nam by the end of last year surged by 10.62 per cent against the beginning of the year to more than VND11 quadrillion (US$472.1 billion).

The latest data released this week by the State Bank of Viet Nam showed despite still maintaining the largest proportion with 44 per cent of the entire banking system’s total assets, the growth rate in terms of asset assets of State-owned banks was much lower than that of private banks.

Specifically, assets of State-owned banks, including Agribank, Vietcombank, VietinBank, BIDV, GPBank, CBBank and OceanBank, rose by only 6.42 per cent to VND4.86 quadrillion.

Meanwhile, the rising rate in assets of joint stock commercial banks nearly doubled that of State-owned banks with a surge of 13.07 per cent to VND4.55 quadrillion. The rise helped the group of banks made up 41 per cent of the entire banking system’s total assets.

Notably, last year saw the assets of joint venture banks and wholly foreign-owned banks surge sharply by up to 19.12 per cent to VND1.13 quadrillion.

The rise of finance and finance leasing companies was also impressive at 18.27 per cent to VND162.82 trillion.

Besides the assets increase, equity capital of credit institutions and foreign banks’ branches in Viet Nam also rose by 12.89 per cent to nearly VND806.16 trillion.

With regards to the capital adequacy ratio (CAR), all credit institutions mentioned above have CAR at above the 9 per cent limit, of which the ratio at State-owned banks was the lowest at 9.52 per cent and joint stock commercial banks was 11.24 per cent.

The short-term capital for mid- and long-term lending ratio at State-owned and joint stock commercial banks was reported at 30.70 per cent and 32.67 per cent, respectively, which helped the banks meet a central bank requirement to lower the rate to below 40 per cent from 2019. — VNS