Vietnam H1 Credit Growth +17.01 per cent; Payments Balance +16.36 per cent: SBV
Total loans pumped by banks and financial companies into Vietnam’s economy jumped by 17.01 per cent in the first six months this year, the State Bank of Vietnam, the country’s central bank, said.
The credit growth rate is far lower than a cap of 30 per cent recently set by the SBV for this year.
Between Jan and June, total deposits at banks expanded 16.2 per cent, the SBV noted.
Meanwhile, total payments balance, M2, of the economy climbed by 16.36 per cent during the time, the bank added.
Borrowing costs of short-term loans denominated in Vietnamese dong by local commercial joint stock banks range 8.5 per cent to 10 per cent per year, of medium-, and long-term loans are between 10 per cent and 10.5 per cent per year.
Lending rates of dollar loans range 4 per cent to 6 per cent per year, the paper said. (Vietnam Economic Times)
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