Since the beginning of 2021, Ho Chi Minh City has supported more than 406,000 customers with a total outstanding balance of more than VND471.19 trillion under the policies of the State Bank of Vietnam (SBV) on supporting businesses affected by the Covid-19 pandemic. In the fourth quarter of 2021, the city will strengthen the Bank and Business Connection Program with a credit support package of about VND70 trillion.
Mr. Dao Minh Tu, Deputy Governor of the State Bank of Vietnam (SBV), on October 12 at a press conference of the SBV, informed that the credit of the whole banking system rose by 7.42 percent compared to that at the end of last year and surged by 5.48 percent compared to the same period in 2020.
The State Bank of Vietnam (SBV) said that to support people and businesses affected by the Covid-19 pandemic, credit institutions have provided new loans with lower interest rates than before the pandemic, with an accumulated loan outstanding balance from January 23, 2020, to now exceeded VND3.5 quadrillion.
By June 16, the credit growth of the banking industry merely reached 2.13 percent compared to the beginning of this year. Thus, in the first nearly six months of this year, credit growth was only half of that in the same period last year due to the serious impacts of the Covid-19 pandemic.
In order to prepare capital sources for loans at the end of the year, besides mobilizing savings at high interest rates of up to nearly 9 percent per annum for 12-month term, commercial banks have also raced to attract capital through certificate of deposit with interest rate above 10 percent per annum.
According to the Social Policy Bank, by the end of 2018, total policy credit capital is VND194,402 billion including outstanding loan amount reaching VND187,792 billion ($8 billion) for nearly 6.7 million poor households and top social welfare beneficiaries who have asked for loans
The Vietnam Bank for Social Policies reported from the beginning of this year to July, over 2.1 individual farming households accessed bank loans, totalling VND 52,850billion (VND 24.49 million per one)