HCMC – Consumer credit in HCMC expanded by 10.4% in 2024 to over VND1.11 quadrillion, according to the State Bank of Vietnam’s HCMC branch.
This figure accounts for 28.2% of the city’s total outstanding credit. Consumer credit showed a stronger recovery in 2024 compared to 2023, when growth stood at 6.9%, Nguyen Duc Lenh, deputy director of the branch, was quoted by the Government news site (baochinhphu.vn) as saying.
Long- and medium-term loans, including those for purchasing, leasing, constructing, and renovating homes, represented the largest share, making up 61.3% of total consumer credit. Loans for household purchases and personal consumption accounted for about 15%, reaching VND160 trillion, a 36% increase from 2023. Credit card debt accounted for 10.4%, growing nearly 23% year-on-year.
Experts say HCMC must sustain and expand traditional growth drivers to achieve double-digit economic growth in 2025. Consumer spending is considered one of the three key pillars of economic expansion.
Lenh noted that economic recovery has fueled consumer spending, contributing to the strong credit growth in 2024. He expects consumer credit to maintain positive momentum in 2025, supporting the city’s economic expansion.
As of January this year, total outstanding credit in HCMC stood at around VND3.95 quadrillion, up 0.04% from the end of 2024 and 12.43% year-on-year, official data showed.
Local banks have accelerated loan disbursement programs early in the year, offering preferential interest rates for small and medium enterprises, exporters, and consumer credit to meet business financing needs.
