Many lenders in Ho Chi Minh City have applied the ‘three-on-the-spot’ mechanism, one of two models required for production companies in virus-hit areas, to deal with difficulties caused by the COVID-19 pandemic.
Shares concluded the week in the green, marking a full-week growth after three consecutive falling weeks, propped up by banks and realty stocks.
The Ho Chi Minh City Development Joint Stock Commercial Bank (HOSE: HDB) has reported pre-tax profit of VND4.19 trillion (US$183.9 million) for the first half of the year, a year-on-year increase of 44.2 per cent and equivalent to 58 per cent of the full-year target.
Banks will continue to tighten lending in risky sectors including securities, real estate, financial, and tourism business, seeing higher credit risks in the remaining months of this year, a survey carried out by The Monetary Forecasting and Statistics Department, has said.
Vietnamese shares rose for four straight days on Thursday, bolstered by a significant injection of cash flow into banking and steel stocks, pushing up indices.
Credit demand has been on the rise in the first half of the year and is set to maintain its growth momentum for the second six months.
Vietnamese continues its uptrend on Thursday morning thanks to the growth of banking and steel stocks.
The solid growth of bank stocks helped the benchmark VN-Index of the Hochiminh Stock Exchange rose a fractional 0.01%, or 0.14 points, to close at 1,277.07 points, July 28.
Moody's Investors Service has assigned a B1 rating for An Binh Commercial Joint Stock Bank’s long-term domestic and foreign currency deposit, one spot higher than the lender’s baseline credit assessments.
The combined real estate and construction loan exposure of the Cambodian banking industry stood at 31 per cent of the sector’s $33.9 billion total loan book in end-June, at about $10.5 billion, according to the central bank.