By end of first quarter, credit growth of the whole economy reached 2.93%

The Credit Department for economic sectors, the State Bank said that by the end of March 31, 2021, credit for the whole economy increased by 2.93%, much higher than the 1.3% increase in the same period last year. . And with this increase, the credit outstanding of the economy has reached over 9.46 million dong.

The Credit Department also added that by the end of February 2021, the credit for the agriculture, forestry and fishery sector reached 776,918 billion VND, an increase of 0.16% compared to 2020 (the same period in 2020 decreased by 0.09%; in 2020. 8.3% increase); industry and construction reached VND 2,615,593 billion, up 1.13% (higher than the rate of 0.95% of the same period of 2020; in 2020, it would increase 9.58%); trade and service sector reached 5,860,560 billion Dong, increased 0.52% (the same period in 2020 decreased 0.15%; 2020 increased 13.9%).

For the priority sectors, by the end of February, credit for the agricultural and rural sectors reached VND 2,274,259 billion, down 0.14% compared to 2020 (the same period 2020 decreased 0.94%; 11.52% by 2020); small and medium enterprises reached 1,816,970 billion VND, down 0.12% (decreased by 1.7% in the same period in 2020; in 2020 increased by 13.56%); export reached 1,816,970 billion Dong, decreased 0.12% (the same period 2020 increases 0.2%; 2020 increases 13,66%); supporting industry is 232,896 billion dong, up by 2.45% (0.96% increase in the same period in 2020; 1.74% decrease in 2020); enterprises applying high technology reached 34,640 billion VND, down 2.27% (increase 2.54% in the same period in 2020; increase 5.26% in 2020).

By end of first quarter, credit growth of the whole economy reached 2.93%

Real estate credit more than 2.2%. Photo: Bao Linh.

For potentially risky sectors, as of February 28, real estate credit was VND 1,835,504 billion, an increase of 2.13% compared to 2020 (real estate business increased by 2.82%); life service was VND 1,848,015 billion, up 0.14%; securities business was VND 42,590 billion, down 6.98%; BOT, BT traffic as of December 31, 2020 was VND 108,722 billion, down 1.76%.

With policy credit, as of March 31, the total outstanding loans for policy credit programs at the Social Policy Bank reached VND 230,554 billion, an increase of 1.9% compared to December 31, 2020 (date December 31st, 2020 outstanding loans reached VND 226,197 billion, an increase of 9.37%) with about 6.5 million customers having outstanding loans.

Regarding the implementation of solutions to support difficulties affected by the Covid-19 epidemic according to Circular 01. The Credit Department for Economic Sectors stated that, as of March 22, 2021, credit institutions have implemented effectively remove difficulties for customers, including restructuring the repayment term, keeping the debt group intact for 262,679 customers with the outstanding balance of VND352,986 billion; exemption, reduction and reduction of loan interest rates for 660,175 customers with outstanding loans of 1,271,204 billion VND; new loans with lower interest rates than before translation with accumulated sales from 23/1/2020 to now reach 3,113,574 billion VND for 452,233 customers.

On the basis of macroeconomic developments, assessing comments of domestic and international organizations, the Credit Department for Economic Sectors stated that the growth situation of sectors and fields in 2020 and At the beginning of 2021, bank credit had progressed appropriately, going into industries, production and business fields and priority sectors.

However, with the complicated developments of the Covid-19 translation and the features of a leap year, the Lunar New Year falls in February of the calendar year (usually January of the calendar year), so the macroeconomic indicators as well as the credit situation. Bank use may be affected significantly by the end of the first quarter.

Notably, after the Lunar New Year, credit tends to rise below the 0.76% increase at the end of January (to February 26, up 0.67%, down 0.09% compared to the end of January), credit recovered markedly in March (March 31 increased 2.93%).

With abundant capital mobilization, the Credit Department of economic sectors forecasts: “Credit can grow strongly from the second quarter of 2020, especially for industrial production, export, trade, tourism … and can exceed the target of credit growth of 12% in 2021 in conditions where the epidemic situation is well controlled, vaccination is effective, growth motivations such as domestic consumption demand, export recovery; attracting FDI and disbursing public investment continues to be promoted”.

Source: ndh.vn – Translated by fintel.vn

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