Credit Growth Reaches Nearly 14% in 9 Months
The State Bank of Vietnam reports that as of September, credit growth across the banking system has surged to nearly 14% compared to the end of 2024, significantly outpacing the 9.11% recorded in the same period last year. Third-quarter financial reports highlight robust credit growth across most banks.
BIDV leads with outstanding loans exceeding VND 2,230 trillion, an 8.8% increase since the beginning of the year, equivalent to a VND 180 trillion rise. VietinBank saw a 15.6% growth, reaching nearly VND 1,990 trillion. Vietcombank achieved VND 1,630 trillion, a 12.5% increase.
Among private banks, MB tops customer lending with VND 931.5 trillion by September-end, a nearly 20% rise year-to-date. VPBank’s credit growth is strong, with outstanding loans nearing VND 900 trillion.
Strong credit growth across multiple banks.
Techcombank’s credit grew by 21.4%, with personal loans up 16% and corporate loans by 22.2%.
ACB’s third-quarter outstanding loans reached VND 669 trillion, a 15.2% increase year-to-date, outpacing the industry average. Corporate lending remains the primary growth driver at 20%. VIB’s credit hit nearly VND 373 trillion, up 15%; HDBank saw a 22.6% rise.
By early November, several banks announced depleted credit limits, deferring new loans to next year.
Drivers of Credit Growth
At a recent economic forum, Mr. Phan Như Ánh, CEO of MB Bank, noted that MB’s strategy focuses on retail and SME clients, allocating 50-60% of its credit growth to these segments annually.
MB targets large enterprises, prioritizing manufacturing, import-export, and key sectors. It has launched products to boost credit growth among retail clients and exporters.
In an interview with Tiền Phong, Dr. Lê Xuân Nghĩa, a policy advisor to the Prime Minister, stated that this year’s projected 18% credit growth is normal, reflecting post-COVID-19 economic recovery. Last year’s GDP, though high, did not surpass pre-pandemic 2019 levels.
Dr. Lê Xuân Nghĩa, Policy Advisor to the Prime Minister.
Dr. Nghĩa added that despite new U.S. tariffs, export growth remains strong, with impacts likely more pronounced next year. The real estate market’s recovery, after stagnation in 2021-2023, is driving demand.
He attributed credit growth to resolved administrative and legal bottlenecks, thanks to National Assembly Resolutions 171 and 98. The government is also addressing stalled projects, boosting credit demand.
Dr. Nghĩa dismissed concerns over real estate credit growth, noting its market size and economic ripple effects. As the economy rebounds to pre-2019 levels, real estate’s strong recovery is natural.
He highlighted that lending rates are rising due to inflation and exchange rate pressures, not credit demand. Banks’ depleted limits are cyclical, with rates expected to ease next year.
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