GSO: Credit up 16.46% by Dec 20

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GSO: Credit up 16.46% by Dec 20

Saigon Times - 1/3/2017 8:29:59 AM

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Credit had grown 16.46% as of December 20, according to a General Statistics Office (GSO) report. The State Bank of Vietnam’s 2016 credit growth target is at least 18%.

The GSO said banks’ capital mobilization had edged up 16.88% as of December 20, compared to a 13.59% improvement in the same period last year. The higher percentage allows credit institutions to maintain stable liquidity, meet clients’ borrowing demand and keep the ratio of loans to deposits at a safe level.

High loan growth also indicates enterprises’ improved capital absorption capacity and banks’ higher profitability, according to the GSO.

As of December 20, money supply had climbed 16.47% versus end-2015, well above 13.55% in the same period last year. However, the surge in money supply did not pile pressure on inflation, which is forecast to stay below the 5% target, the GSO said.

Interest rates for Vietnam dong deposits have been stable. The annual rates for demand deposits and those with tenors of less than one month range from 0.8% to 1% while savings with tenors of one month to less than six months have interest rates of 4.5-5.4% a year.

The respective rates for six-to-less-than-12-month deposits and over-12-month deposits are 5.4-6.5% and 6.4-7.2% per year.

The exchange rate between the dong and the U.S. dollar has inched up 1.52% in December from the previous month and 0.8% year-on-year. It has increased by an average of 2.23% in 2016.

Domestic gold prices have moved in sync with world market developments. The gold price index has dropped 2.52% month-on-month in December but leapt 10.98% against last year’s same period. It nudged up 5.95% on average this year from a year earlier.

Core inflation has edged up 1.83% on average in 2016 versus 2015, the GSO said.

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