Vietnam Jan-May loans rise 7.46 pct vs. Dec 09: central bank

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Vietnam's outstanding loans at the end of May rose 7.46 percent from the end of 2009, the central bank said on Saturday, halving from a growth of around 15 percent in the same period last year.

Lending has slowed this year as the central bank caps the credit growth to help control inflation, which reached a one-year high in March, due in part to the impact of a government stimulus package last year to help the economy weather the global downturn.

Loans in May alone rose 1.86 percent from April, of which dollar loans rose 3.16 percent and dong loans up 1.53 percent, the State Bank of Vietnam said in a statement, without giving any figures.

Deposits last month rose 7.8 percent from the end of 2009 and increased 2.53 percent from April, the statement said.

It said money supply (M2) in the first five months rose 7.5 percent from Dec. 31, 2009.

The government told the central bank in April to set annual credit growth of 25 percent this year, after lending accelerated 37.73 percent in 2009 against 23.6 percent the previous year.

The following table shows Vietnam's credit, deposit and money supply growth during the first five month of this year against Dec. 31, 2009, based on central bank reports.

  Jan-May 10 vs. Dec 09 Jan-May 09 vs. Dec 08
Credit

7.46

15.0

Deposits

7.8

13.6

Money supply

5.85

n/a

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