Deposit Mobilization Rises 14% in Vinh Phuc

Mobilizing deposits is usually tough toward the end of the year as the fund demand for business affairs is high. With practical solutions, the banking industry of Vinh Phuc province has raised over VND78,670 billion (US$3.4 billion), 14% higher than the value recorded at the end of 2018.

By adopting effective monetary policies, launching credit programs to support companies and business households, facilitating customers to access loans, channeling credit for areas of priority and strictly controlling credit for non-manufacturing sectors, consumer loans and risk-prone areas, local credit institutions reported deposits rising 14% to VND78,670 billion and loans climbing 16% to VND78,000 billion in 2019. As of December 31, 2019, non-performing loans were about 1.04% of total outstanding loans.

Loans for production, business, service and development investment currently accounts for over 86.5% of total outstanding loans. Medium- and long-term loans increased by 13.7%, showing that borrowers stepped up loans for investment in machinery, equipment and factories to expand manufacturing and business.

Bich Phuong