HCM City’s banks maintain high growth
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.
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
You should also see
Three factors keep Vietnam’s economy humming along
Infrastructure investment, trade environment and competitive wages are three factors that keep Vietnam’s economy humming along and its growth numbers positive, according to an article published on the vietnam-briefing.com.
See more
Business
Banks gain big profits from forex trading
Most banks reported strong profit growth from the foreign exchange business in the first three quarters of this year thanks to the sharp appreciation of the US dollar, Q3 2022 financial statements showed.
Business
Green transition creates opportunities for Vietnam’s export: forum
Transition to a green economy and green growth is not only an inevitable option but also an opportunity for Vietnam to become a pioneer in the region and keep up with the global development trend, helping implement the national green growth strategy for 2021 - 2023 and the COP26 commitments.
Business
Vietnam lures over 25 billion USD in foreign investment in 11 months
Vietnam attracted 25.1 billion USD in foreign investment in the first 11 months of 2022, up 0.5% month-on-month but down 5% year-on-year, the Foreign Investment Agency (FIA) under the Ministry of Planning and Investment has said.
Business
Japanese-funded 35-million-USD R&D centre opens in Da Nang
The 35-million-USD Fujikin Danang Research, Development and Manufature Centre, funded by Fujikin Incorporated from Japan, has freshly been inaugurated in the central coastal city of Da Nang.
Business
Reference exchange rate kept unchanged on November 29
The State Bank of Vietnam set the daily reference exchange rate for the US dollar at 23,667 VND/USD on November 29, unchanged from the previous day.
