The total assets of the Vietnamese banking industry reached VND8.5 quadrillion (USD360 billion) by the end of 2016, according to statistics provided by the State Bank of Vietnam (SBV).

Banking assets rose by 16 per cent over the end of last year, reported the central bank.

All credit institutions witnessed an increase in assets in 2016. State-owned banks, which holds over 45% of total asset of local credit institutions, and joint-stock commercial banks, which holds over 40%, saw the same growth of approximately 17% over January 2016, reaching VND3.86 quadrillion and VND 3.42 quadrillion, respectively.

According to the central bank, the state-owned banks include the Vietnam Bank for Agriculture and Rural Development (Agribank), Vietnam Bank for Industry and Trade (Vietinbank), Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank), Commercial Bank for Investment and Development of Vietnam (BIDV), Vietnam Construction bank, Bank Global Petro Commercial Joint Stock Bank (GP Bank), and Ocean Commercial Joint Stock Bank (Ocean Bank).

Joint ventures and foreign banks posted a growth of nearly 10%, valued at over VND 828 trillion.

Finance companies and financial leasing companies revealed the highest growth rate in assets of 30% over the beginning of the year, reaching over VND114 trillion thanks to the rise in newly-established financial companies and consumer loans.