Mekong Delta to get $1.3 bn for development

This was announced by deputy governor of the State Bank of Viet Nam (SBV) Zao Minh Tu at a workshop in Hu Giang Province. Tu said as many as 16 credit contracts worth 10 trillion gong were signed at the event.
As part of the Mekong Delta Economic Co-operation Forum 2016, the workshop on bank credit for the Mekong Delta region’s socio-economic development was an opportunity for localities, enterprises and experts to discuss credit policies in particular and banking activities in general to help the region’s development.
Truong Cnh Tuyen, deputy chairman of the Hu Giang provincial people’s committee, said besides the state budget, capital from banks had made important contributions to the socio-economic development of the Mekong Delta region in general and Hu Giang Province in particular.
Thanks to bank loans, many businesses and farming households in the region had more resources to expand production and improve the quality of agricultural products.
According to the SBV, the region’s capital mobilisation accounts for about 7 per cent of the total capital mobilised for the national economy. Bank credit has also seen a gradual increase in recent years. From the beginning of the year, the total outstanding loans of credit institutions based in the southwestern region reached 400 trillion dong, up 3.3 per cent year-on- year, comprising 8 per cent of the country’s total outstanding loans.