Credit grows by 6.09% in first half of 2015
Vietnam recorded a credit growth rate of 6.09% by June 18 compared to the end of 2014 and 18.98% from the same period last year, according to Deputy Governor of the State Bank of Vietnam (SBV) Nguyen Thi Hong.
Banks offered a substantial amount of credit to agriculture and rural development with outstanding loans by June 30 increasing by 7.71% from December 31 last year.
Credit growth was also seen by the end of March in the four other prioritised fields, namely export (3.9%), small- and medium-sized enterprises (1.88%), prioritised industries (0.2%), and businesses applying hi-tech (24.02%), Hong said at a press conference reviewing the sector’s six-month performance on June 23.
Regarding recent interest rate increases for under-six-month deposits, she said the move has been sporadic.
She explained that when the interest rate cap was set for under-six-month deposits, banks with abundant capital sources offered interest rates lower than those of other institutions. Now these banks are raising their short-term deposit interest rates to fall in line with those of their counterparts.
Interest rates for over-six-month deposits are still stable, she added, noting that overall deposit and lending interest rates were cut by 0.2%-0.5% and 0.2%-0.3% a year, respectively.
At the press conference, the Deputy Governor reiterated that the SBV will keep the fluctuations of the VND/USD exchange rate below 2% in 2015, as set in its policy for the year, though the rate has already been adjusted by 1% twice this year.
Credit growth was also seen by the end of March in the four other prioritised fields, namely export (3.9%), small- and medium-sized enterprises (1.88%), prioritised industries (0.2%), and businesses applying hi-tech (24.02%), Hong said at a press conference reviewing the sector’s six-month performance on June 23.
Regarding recent interest rate increases for under-six-month deposits, she said the move has been sporadic.
She explained that when the interest rate cap was set for under-six-month deposits, banks with abundant capital sources offered interest rates lower than those of other institutions. Now these banks are raising their short-term deposit interest rates to fall in line with those of their counterparts.
Interest rates for over-six-month deposits are still stable, she added, noting that overall deposit and lending interest rates were cut by 0.2%-0.5% and 0.2%-0.3% a year, respectively.
At the press conference, the Deputy Governor reiterated that the SBV will keep the fluctuations of the VND/USD exchange rate below 2% in 2015, as set in its policy for the year, though the rate has already been adjusted by 1% twice this year.