Banks lend $5B in 9 days

By Quynh Trang   October 4, 2023 | 08:32 pm PT
Banks lend $5B in 9 days
An employee counts Vietnamese banknotes at a bank in Hanoi. Photo by VnExpress/Giang Huy
Bank credit increased by 1%, equivalent to VND120 trillion (US$5.1 billion) in the last nine days of September.

As of Sept. 29, loans outstanding had climbed to VND12,700 trillion, 6.9% up from the beginning of the year, according to the State Bank of Vietnam.

The central bank targets credit growth of 14-15% this year, but by the end of the third quarter lenders were only halfway there.

The central bank has reduced policy interest rates four times this year, pushing interest rates on deposits to below pre-Covid levels.

Loan interest rates too have cooled down but at a slower pace.

The central bank said credit institutions have committed to reducing interest on some VND22 trillion worth of new loans.

It has instructed banks to ensure property developers, construction companies and home buyers can access credit easily.

Two state-owned lenders, BIDV and Agribank, are committed to funding three social housing projects worth VND82.7 billion in the northern provinces of Phu Tho, Quang Ninh and Bac Ninh.

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