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Saturday, May 18, 2024

Credit pick-up gathers steam

By Thuy Le

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Credit growth regained momentum in March 2024, giving hopes that lending will further improve in the coming months. Apart from a better economic outlook, what other factors could boost the demand for loans? Strong growth at the end of Q1 Following a 1% decline in mid-February compared to the beginning of the year, total outstanding loans in the economy have inched up since then. Official data showed that while outstanding loans decreased by 0.72% in late February compared to the start of the year, the amount had increased by 0.26% by March 25, according to the General Statistics Office. According to the State Bank of Vietnam (SBV), the central bank, some banks saw their outstanding loans edging down but many others recorded credit growth of 3-5% against early this year. In the year to March 28, outstanding loans had totaled VND13,790 trillion, up 0.9% versus early 2024. In just the second half of the first quarter this year, outstanding loans made a sharp turnaround, increasing by 1.9%, equivalent to VND258 trillion. In March alone, net credit soared by nearly VND220 trillion, especially with a steep increase of nearly VND87 trillion in the last three days of March. Although the results […]
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