Ho Chi Minh City’s credit growth amounted to some 2.4 quadrillion VND (104 billion USD) as of the end of 2020, making up nearly 27 percent of the country’s total.
The Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) sets to increase pre-tax profit by 12 percent year-on-year to 25.2 trillion VND this year, said Director-General Pham Quang Dung at a Hanoi conference on January 11.
The banking sector has set a goal of flexibly managing and coordinating monetary, macroeconomic, and fiscal policies to control the inflation rate to around 4 percent this year and serve economic recovery and growth.
The State Bank of Vietnam (SBV) targets a credit growth rate of 12 percent in 2021, equivalent to the growth of 12.13 percent last year, according to SBV Deputy Governor Dao Minh Tu.
Credit growth in Vietnam may reach 13-14 percent this year, partly driven by progress with the COVID-19 vaccine, according to a 2021 banking outlook report released by the SSI Securities Corporation on January 6.
The Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) recorded a bad debt ratio of 0.6 percent last year, the lowest so far and in the sector, compared to 0.78 percent in 2019.
Da Nang’s gross regional domestic product (GRDP) has been estimated to be down 9.77 percent this year to about 100 trillion VND compared to 2019 due to COVID-19, a press conference held on December 29 to announce the central city’s socio-economic figures for 2020 heard.
The banking industry's credit is projected to have expanded 11 percent for the year by the end of December, Deputy Governor of the State Bank of Vietnam (SBV) Dao Minh Tu revealed at a press conference on December 24.
The State Bank of Vietnam (SBV) has extended the credit growth limits for the second time this year to some commercial banks, of which the highest level is up to 30 percent.
The State Bank of Vietnam (SBV) has extended the credit growth limits for the second time this year to some commercial banks, of which the highest level is up to 30 percent.
Outstanding loans in Vietnam exceeded 8.79 quadrillion VND (378.74 billion USD) as of November 17, an increase of 7.26 percent from the end of 2019, according to the State Bank of Vietnam (SBV).
Business is the central component of any country’s sustainable growth targets. To post growth of roughly 2.5 percent this year, Vietnam’s banking sector has been busy introducing a range of measures to assist businesses.
Vietnam recorded nearly 111,200 new enterprises from January-October, a year-on-year decline of 2.9 percent, according to the General Statistics Office (GSO). The new entrants, however, have combined registered investment of more than 1,594 trillion VND (68.3 billion USD), up 11.1 percent against the same period last year.
Standard Chartered expects Vietnam’s economy to grow by 3 percent in 2020 and surge to 7.8 percent in 2021. Rising consumption on improving sentiment, and faster manufacturing will drive growth in the last quarter of this year.
Banks in Ho Chi Minh City are focusing on measures to mitigate the difficulties faced by businesses due to the COVID-19 pandemic and help them get back to health, a State Bank of Vietnam official has said.
The Vietnam Oil and Gas Group (PetroVietnam) has reported an oil output of 8.64 million tonnes in the first nine months of this year, 9.4 percent higher than the set target.
Banks are pushing the sale of life insurance products (bancassurance) in the context of low credit growth since the beginning of this year due to the impacts of the COVID-19 pandemic.
The Vietnamese Government resolved to record GDP growth of 2.5-3 percent this year at its recent monthly meeting, Minister and Chairman of the Government Office Mai Tien Dung told a press conference on October 2.
Business
XIII National Congress of Communist Party of Vietnam
