Illustrative image (Photo: VNA)

Hanoi (VNA) – Banks in the southern economic hub of Ho Chi Minh City have maintained their high growth in 2016 compared to previous year, according to the Ho Chi Minh City branch of the State Bank.

Nguyen Hoang Minh, Deputy Director of the branch said on December 29 that total capital mobilization of credit institutions in the city is estimated to reach 1.82 quadrillion VND (approximately 80 billion USD), up 16 percent against 2015.

Total outstanding loans will go up nearly 19 percent to hit 1.56 quadrillion VND (about 68 billion USD) compared to the end of last year. 

The city’s banking sector has reached the credit growth rate target of 18 – 20 percent in 2016.

According to the Vietnam General Office of Statistics, the credit growth of the national economy reached 16.46 percent as of December 20. Banks’ capital mobilisation upped 16.88 percent and deposit interest rates remained stable.

The year’s average VND/USD exchange rate showed a year–on–year increase of 2.23 percent and the average core inflation rate went up by 1.83 compared to the previous year. -VNA