Analyst Pin-board: Banking Sector Update
Based on the GSO’s database, we learned that the money supply (M2) and deposit grew 8% YTD and 7.8% YTD respectively by 20th June 2018, higher than those of 5.7% and 5.9% YTD from the same period of 2017. Meanwhile, credit grew a mere 6.4% YTD versus the growth of 7.5% YTD in the first six months of 2017.
The gap between M2 and credit growth implies abundant liquidity, which helps to decrease the VND overnight interest rate and indirectly keeps stabilized lending interest rate. Particularly, lending rate for short-term is around 6 – 9% per annum (lending rate for borrowers with high credit rating is around 4 – 5%) and for mid- and long-term is around 9 – 11% per annum.
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