Yen Bai: Idle money flows into banks

Economy

Yen Bai: Idle money flows into banks

Thursday, September 17, 2020

YBO - Despite annual deposit rates being adjusted down between 0.3 and 0.5 percent, idle money continues to flow into banks in Yen Bai.

Good outcomes of deposit activities help commercial banks cut lending rates and support their business clients.

According to the Yen Bai branch of the State Bank of Vietnam, as of August 31, the total capital of local branches of commercial banks, the Cooperative Bank of Vietnam, and the People’s Credit Fund hit 28.13 trillion VND (1.22 billion USD), up 4.88 percent.

Economic experts said the reason behind the flow is that bank saving remains safe and profitable compared to fluctuated investment channels like gold and the stock market, while the real estate market is stagnant.

Pham Trung Tung, director of the BIDV’s Yen Bai branch, said under the direction of the Government and the State Bank, the bank has launched several measures to support customers amid difficulties caused by the COVID-19 pandemic. Over 100 customers have benefited from the bank’s support policy to date, with their outstanding loans exceeding 1.3 trillion VND.

As of August 13, COVID-19-impacted outstanding loans in the locality made up 18.5 percent of its total, at over 4.49 trillion VND, of which over 3.2 trillion VND belonged to enterprises and cooperatives. Local bank branches and people’s credit funds have assisted 21,861 customers by restructuring payment datelines and removing or reducing interest rates and fees, among other measures.

Le Phien

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Economy