Credit growth of HCMC reaches 8 percent

According to the State Bank of Vietnam – Ho Chi Minh City Branch (SBV-HCMC), the credit growth in the city was at 8 percent last year.

In comparison with the growth of 1.39 percent of gross regional domestic product (GRDP), the credit capital provided in the city was not small. Particularly, last year, the authorized capital of HCMC-based credit institutions grew 11.38 percent; total assets increased 10.4 percent; capital mobilization gained 11.5 percent; non-performing loans were at 2.25 percent of the total outstanding loans.

To carry out the direction of the SBV, the banking system in the city has also strived to launch several measures to support people and enterprises to restore and develop production and business activities. Accordingly, the lending interest rates for short-term loans in Vietnamese dong were reduced from 5.5 percent per annum to 4.5 percent per annum, with total loans exceeding VND168 trillion of more than 32,000 customers.

Commercial banks have also actively rescheduled debt payment, absolved or reduced interest rates and fees, and kept the same debt group for customers following Circular No.01/2020 of the SBV with total loans at VND794 trillion of more than 254 customers.