As of the end of April 2025, total credit outstanding in Ho Chi Minh City reached VND 4,046 trillion, up 2.62% from the end of 2024 and up 12.78% year-on-year. According to Mr. Nguyen Duc Lenh, Deputy Director of the State Bank of Vietnam (SBV) – Branch No. 2, this positive growth reflects the impact of socio-economic factors and SBV policies.
First, in terms of credit scale in the city, for the first time, total credit outstanding exceeded the technical threshold of VND 4 quadrillion, a higher increase compared to the same period in previous years. In the same period in 2024, credit grew by 1.31%, and in 2023, it increased by 1.72%.
Second, favorable factors from the socio-economic environment and the monetary and credit policies of the SBV have been the main drivers of credit growth in the first four months. Flexible and appropriate credit policies, along with low-interest rates, have supported businesses and boosted production and business development. The effectiveness of monetary, credit, and interest rate policies has positively impacted banking activities and promoted economic growth.
Third, credit continues to focus on production and business activities and support key sectors that drive economic growth. Credit to nine major service sectors (contributing over 60% of GRDP) such as commerce, tourism, communication, science and technology, healthcare, education, finance, and arts and entertainment, reached over VND 1.4 quadrillion, accounting for 35.4% of total credit outstanding in the city, maintaining a positive growth rate of over 3.6% compared to the end of 2024.
According to Mr. Lenh, the credit growth in the first four months in Ho Chi Minh City reflects a positive trend, associated with the effectiveness of the SBV’s monetary, credit, and interest rate policies and economic growth.
In this process, economic growth and the economy’s capacity to absorb capital are crucial for safe and efficient credit expansion. If this factor is maintained, it will continue to be a driving force for credit and economic growth in the future.
– 16:05 13/05/2025
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