Banks in Vietnam ramped up their lending at the end of last year, pushing up outstanding loans for 2011 by more than expected, the government said on Friday.
Total loans in Vietnam's banking system rose 14.41 percent last year from 2010, beating an initial estimate of 10.9 percent , Photo: Tuoi Tre
The annual volume of loans that banks in the country are permitted to make is based on the amount they lent the year before, and lenders were looking to boost their 2012 allowances.
Total loans in Vietnam's banking system rose 14.41 percent last year from 2010, beating an initial estimate of 10.9 percent, the government said in a report to the National Assembly.
The State Bank of Vietnam divides lenders into four groups based on their financial situation, granting them credit growth quotas of 17 percent, 15 percent, 8 percent and zero respectively.
The government also revised its 2011 money supply growth to 12.37 percent from an estimate of 9.27 percent.
The central bank had targeted overall credit growth of 15-17 percent and money supply expansion of 14-16 percent.
The government also revised last year's trade deficit to $9.84 billion from $9.51 billion, the report said.
It said Vietnam recorded a surplus of $2 billion in its balance of payments in the first quarter of 2012, helping boost the country's foreign reserves to a level sufficient to cover nine weeks of imports.
Previous government data showed reserves as at the end of the third quarter ended September 2011 were enough to cover 7.5 weeks of imports.
The government hopes to keep this year's trade gap below $11 billion. Its target is to have a deficit that's less than 10 percent of exports, which are expected to total $110 billion.
Vietnam had its first quarterly trade surplus in three years in the January-March period, totalling $224 million, Vietnam Customs said.
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