Ho Chi Minh City’s credit growth amounted to some 2.4 quadrillion VND (104 billion USD) as of the end of 2020, making up nearly 27 percent of the country’s total.
Ho Chi Minh City’s credit growth amounted to some 2.4 quadrillion VND (104 billion USD) as of the end of 2020, making up nearly 27 percent of the country’s total. (Photo: VNA)
HCM City (VNA) - Ho Chi Minh City’s creditgrowth amounted to some 2.4 quadrillion VND (104 billion USD) as of the end of2020, making up nearly 27 percent of the country’s total.
The figure represented a year-on-year increase of just9 percent, lower than the national average of 12.13 percent. The city posted growth of 1.39 percent in grossregional domestic product (GRDP) from 2019, equal to half of Vietnam’s GDPgrowth of 2.91 percent. Deputy Director of the State Bank of Vietnam (SBV)’sHCM City Branch, Nguyen Hoang Minh, explained that capital attraction by localbusinesses was down compared to the previous years due to the COVID-19 pandemic. The pandemic being brought under control contributedto the country’s economic recovery and improvement in credit growth by the year-end,he noted, adding that the banking sector provided sufficient capital for localbusinesses to operate. When COVID-19 broke out, the SBV and commercialbanks in HCM City cut interest rates and promptly implemented Circular No. 01 onsupporting affected businesses through debt restructuring and exemptions on interestpayments and service charges, among others. To enhance businesses’ access to capital, the HCMCity branch of the central bank has joined hands with the Departmentof Industry and Trade and the HCM City Union of Business Associations (HUBA) topromote a programme connecting banks with enterprises and businesses, enablingthe latter to obtain loans at low interest rates. At a recent press conference on the tasks for thebanking sector this year, SBV Deputy Governor Dao Minh Tu affirmed that supportfor enterprises to surmount the difficulties posed by COVID-19 is among themost important tasks this year, given the pandemic is still wreaking havoc on manycountries worldwide./.
Foreign and domestic investment in HCM City has significantly increased and industrial production remains robust, a meeting to review the city’s socio-economic development in the first 10 months of this year on October 30 heard.
Ho Chi Minh City’s economic growth in the first quarter was only 0.4 percentage points higher than in the same period last year, Nguyen Thanh Phong, Chairman of the municipal People’s Committee, told a recent online meeting.
HCM City will continue to speed up the disbursement of public funds and seek to increase budget revenue for the remaining months of the year, the chairman of the municipal People’s Committee has said.
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A key change in the draft decree is a provision requiring bank transfers for gold transactions valued at 20 million VND (765 USD) and above, to enhance transparency and verify customer identities.
In the first four months of 2025, trade turnover between Vietnam and Cambodia surpassed 3 billion USD, marking a 7% increase compared to the same period in 2024.
On June 19 alone, a total of 2,005 trucks completed customs clearance at Lang Son’s border gates — the highest single-day figure ever recorded in the province. Of these, 634 carried exports and 1,371 imports.
The OECD Economic Surveys: Vietnam 2025 report focuses on analysing the country’s macroeconomic fundamentals, the impact of international integration on attracting foreign investment and trade, and the country’s prospects for developing a low-carbon economy.
Antoine Colin, Senior Vice President for Global Supply Chain Digital Transformation & Resilience at HP Inc., affirmed HP’s strategic commitment to building a supply chain and ecosystem in Vietnam and the region.
Deputy Director General of the Ministry of Industry and Trade (MoIT)’s Trade Promotion Agency Bui Quang Hung emphasised that logistics has evolved from a technical function into a core capability for Vietnamese exporters to maintain their competitive advantage in the US market.
A trade official has suggested companies work closely with shipping lines, airlines, and freight forwarders to monitor routes, transit times, and potential surcharges while exploring broader cargo insurance to cover risks like war and terrorism.
In addition to institutional reform, the agency is also rolling out key solution groups to combat counterfeit goods, imitations, and intellectual property infringements in the digital environment.
The event, co-organised by the Vietnam Trade Office in the UK and TT Meridian, a local importer of Vietnamese fresh produce, aims to build a national lychee brand and encourage broader recognition of Vietnamese fruits in a competitive, high-end market.
The industry's performance has been powered by bold investments in modern production lines, enabling Vietnamese firms to produce complicated products which were exclusive to advanced economies.
Ho Chi Minh City’s credit growth amounted to some 2.4 quadrillion VND (104 billion USD) as of the end of 2020, making up nearly 27 percent of the country’s total. (Photo: VNA) 
