Business

Credit growth reaches 11 percent

The banking sector’s credit growth reached 11 percent in 2013, which is said to suit the banks’ “health,” the Lao Dong (Labour) newspaper reported, citing reports of the State Bank of Vietnam (SBV).
The banking sector’s credit growth reached 11 percent in 2013, which issaid to suit the banks’ “health,” the Lao Dong (Labour) newspaperreported, citing reports of the State Bank of Vietnam (SBV).

The loan to deposit ratio was between 91-92 percent, lower than the 2011 level (more than 100 percent).

Nguyen Thi Hong, head of the SBV’s Monetary Policy Department, said atthe bank’s December 16 conference that the credit structure sawremarkable improvements, focusing on production and business, especiallythe prioritised fields.

In the first 11 months ofthis year, credit to rural farm production increased by 17 percent; hightechnology - driven enterprises, 24.51 percent; and exports, 3.32percent.

Bad debts were also gradually brought under control.

Accordingto the SBV’s estimation, about 105.9 trillion VND (4.977 billion USD)of bad debt was settled during 2012 and the first 10 months of thisyear.

The bank said the interest rate in 2013 waskept stable, increasing only 1 percent against the forecast rate of 1-3percent at the beginning of the year.

The year 2014is forecast to still be difficult for the banking sector. Thus, thesector needs to prepare provision for bad debts. Nevertheless, the SBVprojects that Vietnam ’s banking sector would grow by 12-14 percentin 2014. -VNA
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