Vietnam Banks Make VND412.179 Trillion of Govt-support Loans

Banks and financial companies in Vietnam made VND412.179 trillion (US$22.3 billion) as of December 24, 2009, less than VND3.036 trillion as of December 17, 2009, the State Bank of Vietnam said.

 

A fall of 0.73% in the week is because of the central bank’s requesting local banks to complete balance sheets for their subsidized loans at the end of 2009.

 

Executives of many banks said that they are now waiting for the very start of the financial year of 2010 to resume lending as credit grow has hit 37.73% so far, surpassing the year’s limit of 30%.

 

Total outstanding loans of Vietnam’s economy are set to grow 25% to VND2,140 trillion (US$115.8 billion) next year, up from VND1,712 trillion (US$92.645 billion) this year, Pham Quoc Thanh, vice chief executive officer of ABBank was quoted by the Sai Gon Tiep Thi newspaper as estimating.

 

Next year Vietnam targets GDP growth of 6.5% and curb inflation below 7%, state media reported. (SBV)