HCMC – Total outstanding credit in the banking system reached VND16.73 quadrillion as of June 18, up 7.14% compared to the end of 2024, while the growth rate in the same period last year was about 3.87%.
On a year-on-year basis, outstanding credit increased 18.71%, said Nguyen Phi Lan, director general of the Forecasting and Statistics Department at the State Bank of Vietnam at the seminar held on June 27.
Vietnam Joint Stock Commercial Bank for Industry and Trade (VietinBank) recorded the strongest credit growth among the four major state-run banks.
As of June 10, the bank’s outstanding credit had exceeded VND1.9 quadrillion, up 9.1% compared to the beginning of the year.
To achieve this year’s GDP growth target of over 8%, the central bank has set a credit growth target of around 16%.
However, during a recent National Assembly session, SBV Governor Nguyen Thi Hong noted that the credit-to-GDP ratio stood at 134% by the end of 2024. She warned that continued reliance on bank credit poses systemic risks and could have negative consequences for the broader economy.
The credit growth target would be managed and adjusted in line with actual conditions. Monetary policy will also be administered in a flexible and prudent manner to help control inflation, stabilize the money market, and ensure the safety of the banking system.
She emphasized that in order to achieve high and sustainable growth, ministries and sectors, especially the Ministry of Finance, need to pay close attention to balancing funding sources for major and key investment projects, including planning capital allocation timelines and setting aside contingency funds to avoid passivity and reduce pressure on capital mobilization.
