According to deputy director of the State Bank of Vietnam’s HCM City office Nguyen Duc Lenh, outstanding credit as of February was 3.936 trillion, down 0.17% from December 2024 but 12.2% up year-on-year.
Credit growth will continue to be the key target in Vietnam’s new development policy, (Photo vnbusiness.vn)
HCM City (VNS/VNA) - Despite Ho Chi Minh City-based banks’ efforts to provide preferential loans, credit growth declined slightly in the first two months of 2025.
According to deputy director of the State Bank of Vietnam’s HCM City office Nguyen Duc Lenh, outstanding credit as of February was 3.936 trillion, down 0.17% from December 2024 but 12.2% up year-on-year.
But credit flows to key economic sectors remained stable.
Foreign currency lending to import-export businesses grew by 1.37% month-on-month.
Lenh said HCM City banks’ lending remained concentrated on production, business, trade, services, and consumption.
Loans to these sectors account for about 75% of the total amount and mainly meet short-term funding needs.
Lending in February increased by 14% from the previous month.
The central bank’s HCM City office said economic growth solutions help increase the ability to absorb capital and promote credit growth.
Stable, low interest rates and programmes to link banks and businesses would further promote production and consumption, boosting credit growth, the office added.
The state bank aims for 1♉6% credit growth this year./.
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