Credit growth hits 6.82% in first half of 2016

Saturday, 2016-07-02 10:38:53
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NDO/VNA - Lending in Vietnam grew 6.82% in the first half of the year, marking the second consecutive year the country posted positive growth, according to the State Bank of Vietnam (SBV)’s Credit Department.

The department reported that lending in Vietnamese dong rose 8.11% compared with the end of 2015 and 22.95% over the same period last year, accounting for 90.8% of the economy’s total credit.

Meanwhile, lending in foreign currencies was down 4.64% against the end of 2015.

Nguyen Tien Dong, head of the department, said loans were poured into five priority areas: agriculture, aquaculture, support industry, exports, and hi-tech production.

In the first half of this year, the banking sector offered loans worth more than VND1,029 trillion (US$46.7 billion) to small and medium-sized enterprises, up 2.62%, and making up one fifth of the total outstanding credit.

As of late June, outstanding loans for agriculture and rural areas reached VND886 trillion (US$40.2 billion), marking a 4.98% increase and equivalent to 18% of the total.

Loans for exports, industry and hi-tech firms hit VND183.4 trillion (US$8.33 billion), VND121.5 trillion (US$5.5 billion) and VND28.6 trillion (US$1.3 billion), respectively.

This year, the SBV targets a credit growth rate of between 18% and 20%.