Remittances poured into Ho Chi Minh City through official channels are estimated at 3.25 billion USD in the first ninemonths of 2016 (Photo: VNA)

HCM City (VNA) – Remittances poured into Ho Chi Minh City through official channels are estimated at 3.25 billion USD from January to September, up 4 percent year on year, mostly sourced from the US and Europe.

Outstanding credit in the southern business hub approximated 1.4 quadrillion VND (62.8 billion USD) during the period, rising by 20.93 percent from a year earlier.

Production and business activities covered 75 percent of the outstanding loans. The remaining was provided for real estate, stock market and consumption, according to the HCM City branch of the State Bank of Vietnam.

To Duy Lam, the branch’s Director, said both remittances and credit mostly flowed into production, business and investment activities.

Local credit institutions have continually offered assistance for businesses and facilitated their access to bank loans. Meanwhile, many loan-related support programmes have been provided by the municipal People’s Committee such as preferential interest rates and debt restructuring, he added.

Many insiders also said while the credit quality in HCM City is being improved with the declined bad debt rate, the foreign exchange and gold markets remain stable. Those are favourable conditions for local enterprises to expand operations to prepare for the New Year holiday.-VNA