Some 485,000 poor and near-poor households gained access to loans from the Vietnam Bank for Social Policies (VBSP), worth about VND21.86 trillion (US$932.17 million) in total, in the first three months of this year.
According to the Vietnam Securities Depository (VSD), outstanding loans (mainly margin loans) on the stock market by the end of 2021 were about VND193 trillion (equivalent to US$8.4 billion).
Deputy Director of the SBV Monetary Policy Department Bui Thuy Hang said that the credit balance of the whole economy by November 25 increased by 10.1 percent compared to the end of last year.
Since the beginning of 2021, Ho Chi Minh City has supported more than 406,000 customers with a total outstanding balance of more than VND471.19 trillion under the policies of the State Bank of Vietnam (SBV) on supporting businesses affected by the Covid-19 pandemic. In the fourth quarter of 2021, the city will strengthen the Bank and Business Connection Program with a credit support package of about VND70 trillion.
Many commercial banks have announced a 0.5-3 percent cut in lending interest rates and many policies to support customers affected by the Covid-19 pandemic. However, feedback from individual customers in Ho Chi Minh City shows that banks have refused to aid them, even when they are in blocked areas and need priority.
The wave of interest rate cuts has been activated, and it is forecasted that the interest rate level will remain low from now until the end of the year to support businesses and the economy amid the context that the Covid-19 pandemic prolongs as currently.
The State Bank of Vietnam (SBV) continues to stick with the plan of reducing the proportion of short-term capital used for medium and long-term loans this year, which is considered to be a barrier to the credit of real estate. However, according to the leader of the central bank, this does not mean that it will close the doors and not give loans to this sector but it will only provide capital for effective real estate projects.
According to the State Bank of Vietnam – Ho Chi Minh City Branch, since the beginning of this year, the city’s banking industry has handled more than VND72 trillion of bad debts, reducing the amount of bad debts to VND49 trillion, accounting for 2.2 percent of total outstanding loans.
