The economy is gradually recovering and production and business activities are being improved, which has helped credit capital flowing more efficiently. Therefore, credit activities in the first quarter of 2022 has showed signs of good growth.
The economy is gradually recovering and production and business activities are being improved, which has helped credit capital flowingmore efficiently. Therefore, credit activities in the first quarter of 2022 has showed signs of good growth.
Both mobilized capital and outstanding loans increased
In the first quarter of 2022, as the economy showed signs of recovery, credit has grown again. According to credit institutions in the province, the demand for loans to restore production and business in the first quarter has increased higher than before. Vo Thi Thu Huong - Deputy Director of Vietcombank Khanh Hoa Branch said that as of March 31, the branch's credit balance reached VND 14,956 billion, up 18.48% over the same period last year; total mobilized capital reached VND 12,775 billion, up 24.03% over the same period. The branch has balanced capital sources to timely lend for socio-economic development in order to support borrowers to recover and stabilize production and business.
With diversified credit services to meet the borrowing needs of people and businesses, in the first quarter, BIDV Khanh Hoa Branch had outstanding loans of VND 10,0003 billion, an increase of 6.5% compared to the end of 2021; mobilized capital reached VND 7,906 billion, an increase of 3.1% compared to the end of 2021. VietinBank Khanh Hoa branch raised VND 6,590 billion, reaching 101% of the 2022 plan and increasing 11% over the same period in 2021; outstanding loans reached VND 6,945 billion, achieving 91% of the year target and increasing by 0.3% over the same period.
According to the State Bank of Vietnam (SBV) Khanh Hoa branch, by the end of March, 2022, the total mobilized capital of the whole province reached 101,800 billion VND, rising by 4,632 billion VND (4.77%) compared to the figure at the beginning of the year, an increase of 13.93% compared to the same period in 2021. Loan balance by the end of March reached VND 104,400 billion, an increase of VND 2,310 billion, equivalent to an increase of 2.26% compared to the beginning of the year and an increase of 7. 69% over the same period. Loan sales in the first 3 months of the year reached VND 35,237 billion, up 12.64% over the same period last year.
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Focusing capital on economic recovery
According to Nguyen Hoai Chieu - Director of the State Bank of Khanh Hoa Branch, in the first quarter, the province's economy had many positive changes thanks to the opening policy as well as economic recovery program and development of the Government. As a result, capital flows of credit institutions circulated more efficiently. Credit institutions' branches have actively balanced capital sources to promptly meet the demand for loans for production and business; ensure liquidity, fully and promptly meet the cash and payment needs of people and businesses. Credit capital is focused on the production and business sectors, especially the priority areas of the Government. From now until the end of the year, the State Bank will direct credit institutions to continue focusing capital for businesses, especially supporting businesses facing many difficulties due to the Covid-19 epidemic and directing capital flows into priority areas according to the direction of the Government; closely follow the action program to implement Resolution No. 09-NQ/TW dated January 28, 2022 of the Politburo on construction and development of Khanh Hoa province to 2030, with vision to 2045 to provide capital timely for the economic development of the province.
In addition to prioritizing credit flows into the production and business sector, banks continue to support and remove difficulties for businesses after the epidemic is controlled through the mechanism of Circular 01, Circular 03 and Circular 14 of the State Bank of Vietnam on restructuring debts, reducing and exempting lending interest rate, keeping debt groups unchanged; providing new loans with low interest rates in order to create conditions for enterprises, cooperatives and business households in the province to maintain, stabilize and restore production and business development.
Mai Hoang
Translated by T.T
