Thursday, 20 Sep 2018

Vietnam’s credit growth slows down in H1, but GDP expands faster

Updated at Monday, 02 Jul 2018, 11:27
The Hanoitimes - Credit growth decelerated in the first half this year, while GDP expanded beyond expectations.
Total credit in the Vietnamese banking system grew 6.35% in the first six months of this year, slower than a 7.54% in the same period of 2017, the General Statistics Office said in a report last weekend.
At a parliament session in early June, Deputy Prime Minister Vuong Dinh Hue informed that total outstanding loans in the January-May period expanded 5.8%, compared to a growth rate of 6.53% in the comparable period in 2017.
Credit growth slowed in H1.
Credit growth slowed in H1.
The government-run office added that total money supply at credit institutions increased 7.96% in the first half this year, compared to a 5.69% increase in the corresponding period last year.
Meanwhile, total deposits rose 7.78% in the six-month period, faster than a 5.89% expansion in the January-June 2017.
“Strong deposit growth against the same period last year has helped credit institutions continue to stabilize liquidity and get ready to meet credit demands while ensuring safe credit-to-deposit ratio,” the government-run office said in its latest report.
It added that lending rates in the first months this year were kept stable, and state-run commercial banks and several joint-stock commercials lenders cut loan rates by 0.5 percentage points for healthy clients.
The country’s GDP expanded 7.08% in the first half this year, the highest rate for the six-month period since 2011, and far above the government’s 6.7% target set for 2018.
Anh Minh
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