Hanoi credit growth expands 4.7% in 8 months
Credit, however, grew only 0.7% month-on-month in August.
Outstanding loans at banks in Hanoi as of the end of August are estimated to grow 0.7% month-on-month and 4.7% against the end of last year to total VND2,212 trillion (US$96.33 billion).
| Hanoi credit growth expands 4.7% in 8 months. |
Despite supportive measures from credit institutions for customers affected by the Covid-19 pandemic, including loans with preferential rates, the credit growth remained at a modest level.
Upon breaking down, total outstanding loans for the economy made up 90% of the total, or VND1,991 trillion (US$86.72 billion), up 5.2% against late 2019, while lending for investment accounted for 10%, or VND221 trillion (US$9.62 billion), up 0.5%.
Regarding the credit structure, as of August, credit for agricultural production reached VND181 trillion (US$7.88 billion), or 9.1% of the total; VND105 trillion (US$4.57 billion) for exports, or 5.3%; VND377 trillion (US$16.41 billion) for small and medium enterprises, or 18.9%; VND49 trillion (US$2.13 billion) for supporting industries, or 2.5%; VND7.9 trillion (US$343.9 million) for technology sector, or 0.5%, and VND385 trillion (US$16.75 billion) for consumer spending, or 19.3%, among others.
Total capital mobilized by credit institutions in Hanoi as of August is estimated at VND3,733 trillion (US$162.49 billion), up 1.8% month-on-month and 6.5% against the end of last year.
Additionally, bad debts made up 1.9% of total outstanding loans of banks in Hanoi.
