Sunday, May 26, 2024 10:44:35 PM - Markets open
VN-INDEX 1,261.93 -19.10/-1.49%
HNX-INDEX 241.72 -5.19/-2.10%
UPCOM-INDEX 94.40 -0.77/-0.81%
Bank credit increases again in March
Vietnam News - 4/3/2024 4:06:28 PM
 (0 ratings. You must sign in to rate.)
After declining in the first two months of this year, credit of the banking industry in March increased by 0.26 per cent compared to the end of 2023 to about VNĐ13.6 quadrillion, the State Bank of Vietnam (SBV) reported.
 
According to the SBV, the credit of the banking system in the first two months this year decreased by 0.72 per cent compared to the end of last year. Low credit growth in the first months of a year is common. The average credit growth in the first two months in the 2013-23 period was 0.56 per cent. Credit declines in the first two months were also seen, in 2014, 2018 and 2024.
 
However, experts say the credit decrease in the first two months of 2024 was more serious because this year's conditions are different from the previous years, as the SBV this year assigned the entire credit growth quota of 15 per cent for commercial banks right in the first month instead of only allocating a part of the quota at the beginning of the year as previously.
 
Therefore, the SBV in February had to send an official dispatch to credit institutions stating that despite the application of supporting policies to boost credit from the beginning of the year, credit growth this year was still quite low compared to recent years.
 
To boost credit growth, the SBV has requested credit institutions to firmly implement effective credit growth solutions since early February. Accordingly, credit institutions must review to simplify lending procedures with an aim to increase people's ability to access capital.
 
Besides, they must focus on strengthening digital transformation in the credit process to increase access to capital and more widely popularise banking credit activities.
 
In addition, the SBV said it was necessary to improve the operational efficiency of funds such as the credit insurance fund for small- and medium-sized enterprises (SMEs), and the development fund for SMEs, to enhance SMEs' ability to access credit.
 
The SBV also noted credit must focus on production, business and the Government’s priority sectors, as those are the country’s economic growth drivers. Banks also need to strictly control credit for potentially risky sectors to ensure safe and effective operations.
 
On the borrower side, the SBV has also encouraged enterprises to actively implement solutions to restructure operations; have more feasible investment, production and business projects; prove the feasibility of the projects; and strengthen transparency and financial capacity so that credit institutions can appraise and provide loan services to borrowers conveniently in the coming time. — VNS
 
Read original article here
Newer News
22/05 Finance ministry works with S&P on sovereign credit rating
13/05 Central bank's bid to stabilise gold market hits snag
08/05 Proposal of compulsory non-cash payment for gold transactions controversy
08/05 Three bidders win gold auction at high price
06/05 Bank deposits decline for first time in over two years
06/05 SJC gold price hits all-time high
24/04 Two bidders win the first gold auction this year
24/04 HCM City seeks to draw remittances in infrastructure
24/04 HCM City could issue bonds for overseas Vietnamese to fund infrastructure: conference
19/04 Overseas remittances to HCM City record highest increase in three years
Older News
03/04 Bank shareholders to receive high dividends, stock bonuses
28/03 Deposit interest rates to remain low until mid-2024: analysts
20/03 Central bank required to take urgent measures to stabilise gold market
20/03 Banks given advantages to CASA ratio
18/03 Việt Nam to revise gold market regulations: amendments to Decree 24/2012/NĐ-CP underway
18/03 Man owes bank nearly VNĐ9 billion in credit card's interest after 11 years
15/03 PM urges further rate cuts, improved credit access to remove obstacles, promote growth
14/03 Insurance premium revenue rebounds in the first two months
14/03 Foreign exchange rate cools after central bank’s intervention
14/03 Lukewarm reception for VNĐ120 trillion credit package
 
Newsletter Signup
Top Stories
VN adds over 110,000 new securities accounts in April, bringing total to 7.7 million
Cautious rise amid low supply and cash flow, investors advised to monitor resistance area
Interest rates to rise but not have major impact on stock market: economist
Businesses concerned about rising exchange rate pressure
Gold bar auction to be resumed after 11 years of suspension
Market Update
Last updated at 3:05:01 PM
VN-INDEX 1,261.93 -19.10/-1.49%
Real-time chart
Top 5 Actives
Top 5 Gainers
Top 5 Losers
My Favorite Quotes
Your most recently viewed tickers will automatically show up here if you type a ticker in the Get Quotes box on the top of the page.
Company Research
Type in the symbol above for thorough background information, key statistics and financial information.
Stock Sectors
We continuously improve our services, here are the latest updates...
Portfolio
Allow you to monitor a customised group of securities. You can set up multiple Portfolios to help you better manage your investments.
Trigger Alerts
Get up-to-date alerts delivered directly to your email address.
Stock Screener
Allow you to filter the market and find exactly what sort of company you are looking for.
Live Terminal
Get instant access to FREE REAL-TIME streaming quotes for hundreds of stocks from HOSE, HNX and UPCOM exchanges.