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Ha Noi banks predict 40% growth   2008-02-12 - VNA

Ha Noi's banking industry reaped remarkable profits in 2007 and has predicted vigorous growth for this year, said State Bank manager for the Ha Noi branch, Nguyen Hong Ky.

Customers make transactions at Techcombank in Ha Noi. Last year, the banking sector in the capital city tallied up substantial profits and expect to see even higher growth this year. — VNA/VNS Photo Tran Viet

HA NOI — Ha Noi’s banking industry reaped remarkable profits in 2007 and has predicted vigorous growth for this year, said State Bank manager for the Ha Noi branch, Nguyen Hong Ky.

Ha Noi’s banking industry hopes to see 40 per cent growth in both profits and outstanding loans this year. Last year’s outstanding credit loans were VND183 trillion (US$11.4 billion).

Ha Noi’s economy developed sharply last year, with GDP surging ahead at 12.1 per cent, a record high for the last 10 years, and earned approximately US$1.7 billion through foreign investments.

The above reasons encouraged bank activities and the expansion of bank networks.

Ha Noi has had 212 commercial banks and branches with 688 transaction offices and saving funds, while credit offices in the capital owned property worth VND563 trillion ($35.2 billion) in 2007, a year-on-year increase of 44 per cent.

Last year also marked the development of non-credit services in Ha Noi with total service fees of VND7.6 trillion ($475 million), making up 15 per cent of the total income, with plans to rise by 15-20 per cent this year.

Many products and services of Ha Noi’s commercial banks saw heavy development, with 870,000 individual accounts and 1,150 operational automatic teller machines (ATMs).

According to Techcombank general director Nguyen Duc Vinh, growth is always accompanied by a dark side, meaning that the appearance of so many commercial banks, branches and transaction offices in Ha Noi will inevitably lead to inefficient overlaps.

Director of Ha Noi Vietcombank Nguyen Xuan Luat suggested a mutual, average salary for the banks.

In the conference of banks’ assignments in Ha Noi 2008, State Bank’s deputy governor, Nguyen Toan Thang, stressed that the State Bank would intensify controls to ensure bank activity safety while continuing to renovate administrative formalities.

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