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Finance & Banking

Last updated: Tuesday, October 16, 2018

 

Vietnam’s Credit Growth Hits 9.52 per cent in First Nine Months

Posted: Thursday, October 04, 2018


The total credit into the Vietnamese economy as of September 20 rose 9.52 per cent against the end of 2017, according to the General Statistics Office (GSO).

During the same period, the M2 money supply increased by 8.74 per cent, while funds mobilised by credit institutions went up 9.15 per cent.

The interest rates ranged between 0.6 per cent and 1 per cent for non-term deposits and deposits of less than one month, 4.3 per cent-5.5 per cent for deposits with terms of one to less than six months, and 5.3 per cent-6.5 per cent for deposits with terms of 6 months to less than 12 months.

Deposits with terms of over 12 months enjoyed interest rates of 6.5 per cent-7.3 per cent.

The lending rates were between 6 per cent and 9 per cent for short-term loans and 9-11 per cent for medium and long-term loans, while customers with good ratings could secure short-term loans at just 4 per cent-5 per cent.

According to the GSO, the insurance business continued to record high growth in the third quarter, expanding by an estimated 18 per cent against the same period of last year, with revenues of general insurance and life insurance up by 14 per cent and 20 per cent, respectively.

The business’s revenues in the first nine months of 2018 rose 22 per cent, with general insurance and life insurance increasing by 13 per cent and 27 per cent, respectively.

NDO








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