According to the latest information from the General Statistical Office, as of June 19, 2020, the total means of payment increased by 4.59 percent compared to the end of 2019 (at the same time in 2019 it grew by 6.05%); capital mobilisation of credit institutions increased by 4.35 percent (the same period in 2019, by 6.09%).
At the same time, the credit growth of the economy reached 2.45 percent (the same period in 2019 increased by 6.22%) and this was the lowest credit growth of June 19, from 2016 to 2020.
Insurance premium revenues of the whole market in the first six months of 2020 rose by 11 percent over the same period last year (Quarter II/2020 estimated to increase by six percent), of which life insurance premium revenue increased by 13%; non-life insurance by eight percent.
Earlier, Nguyen Quoc Hung, director of Credit Department of the State Bank of Vietnam (SBV), said that credit growth as of June 16 reached 2.13%, half of the same period last year (5.7%). In particular, agricultural credit grew by 0.3%, export credit increased by 4.94%, credit in technology sector up 2.92 percent compared to the beginning of the year, supporting industry by 2.27 percent while credit for small and medium sized enterprises and consumer credit decreased.
According to SBV leaders, slow credit growth is acceptable in the context of the complicated pandemic situation. Specifically, businesses do not have demand for loans while the banking system could not lower lending standards due to bad debt concerns.
