HCMC – Loans in the banking system had risen by 8.53% in the year to end-September, 2.29 percentage points above the figure in the same period last year, according to the General Statistics Office of Vietnam.
Nearly VND1.16 quadrillion has been injected into the economy through lending since the beginning of the year.
The State Bank of Vietnam (SBV) reported credit growth of 7.38% by mid-September, up from 5.73% in the corresponding period in 2023. Privately-held commercial banks led the growth, expanding 8.6% and accounting for 45% of total loans across the system.
Credit growth has picked up pace recently, rising from 6.63% in late August to 8.53% in late September, representing an additional VND260 trillion injected into the economy.
However, deposit growth has slowed, with deposits from residents and organizations rising 4.8% by September 27, compared to over 6.6% in the same period last year.
Most credit is being directed towards the production, business, and priority sectors. Thirty-two out of 40 banks have joined a new VND405 trillion credit package, offering interest rate cuts of 0.5 to 2 percentage points to support businesses and individuals affected by typhoon Yagi.
As of September 30, total disbursed capital for social policy loans stood at VND90.2 trillion, benefiting over 1.8 million low-income households and policy beneficiaries. Total outstanding social policy loans amounted to VND357.3 trillion, up by 7.6% year-on-year.
To further support growth, the SBV has adjusted credit growth limits, awarding additional quotas to banks that have achieved at least 80% of their annual targets. The central bank aims for overall credit growth of 14-15% for 2024.
