According to data released by the State Bank, the total assets of the credit institution system as of August 30, 2023 were over VND 18,442,342 billion, down VND 70 billion compared to the level recorded at the end of July 2023 (VND 18,442,412 billion), equivalent to a decrease of 1.17%.
Of which, assets of State-owned commercial banks increased again by nearly VND88,560 billion, to approximately VND7,590 trillion, while last month they decreased by 2.1%.
However, the assets of joint stock commercial banks went in the opposite direction, with only 8.23 trillion VND remaining, shrinking by nearly 145,200 billion VND, equivalent to a decrease of 1.7% compared to the end of July.
Similarly, the group of finance and leasing companies continued to record a decrease in total assets, shrinking by nearly VND2,200 billion to just over VND285,000 billion. Previously, the asset size of this group had decreased by nearly VND6,000 billion in July.
The group of foreign joint venture banks also recorded a flat level with total assets of nearly VND1.8 trillion in August, after a decrease of nearly VND45.2 trillion in the previous July.
Three other banking groups recorded an increase in total assets in August, namely the Social Policy Bank, the Cooperative Bank and the People's Credit Fund, which recorded growth rates of 9.53%, 6.69% and 8.35% compared to the previous month, respectively.
Some basic indicators as of the end of August 2023 (Source: SBV).
As of September 29, credit in the entire economy reached about 12.7 million billion VND, up about 6.9% compared to the beginning of the year, higher than the forecast of the State Bank at the regular Government press conference in September (6.1-6.2%).
Previously, the management agency said that by September 21, credit in the entire economy had only increased by about 5.9% compared to the beginning of the year (meaning the average credit per month increased by only more than 0.6%), reaching about 12.63 million billion VND. Thus, in just the last 9 days of September, credit increased by 1%, equivalent to about 120,000 billion VND.
At the beginning of the year, the State Bank of Vietnam set a target of 14% credit growth for the whole year of 2023. With lending interest rates gradually being cut compared to the beginning of the year (a reduction of 1-3% for businesses and 1-2.5% for individual customers), commercial banks expect to stimulate credit demand during the peak business season at the end of this year .
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