According to the Da Nang branch of the State Bank of Viet Nam (SBV), between January and October, the total of outstanding loans at the city’s banks had reached an estimated 61.5 trillion VND, an increase of 12% against the same period last year.

Over the 10-month period, many of the city’s bank branches had seen an increase of between 12% and 57% in their credit growth compared with the same period last year.  In particular, credit growth recorded at the local branches of the Nam A Bank was up 56.54%, SeaBank 25.5%, Techcombank 23.33%, Sacombank 23.12%, MBBank 22.83% and Vietcombank 21.5%.

Banking transactions at a local commercial bank

According to the Director of the city’s branch of the SBV, Mr Vo Minh, Da Nang’s credit growth has been higher than that of other localities nationwide over the period.  Da Nang has so far this year fulfilled this year’s credit growth target of 12% set by the central government, whilst over 7% has been recorded in other localities.

Apart from the positive signs from the city’s credit growth, the credit quality at the city’s banks has also improved significantly over the period.  Thanks to this, bad debts recorded at local credit organisations remained within a safe threshold.  By late September, the total of bad debts stood at over 1.4 trillion VND, accounting for 2.32% of their total outstanding loans.