HCMC – Credit totaled VND3,940 trillion in HCMC in January, up a mere 0.04% against the end of 2024 but a staggering 12.43% year-on-year, according to the State Bank of Vietnam (SBV) HCMC branch.
Deputy Director of the SBV’s HCMC Branch Nguyen Duc Lenh explained that lending activity is usually slow in the first month of year because it overlaps with the Lunar New Year holiday. However, this year’s slight growth shows improvement compared to January 2024 and 2023, when credit grew by 0.93% and 0.48%, respectively.
The positive growth was attributed to strong trade, tourism, and service activities, as well as an increase in business orders. Favorable policies such as reduced interest rates and easier access to credit also helped businesses secure loans.
In the coming months, the city’s banking sector will focus on programs which connect banks and businesses, especially those supporting small and medium-sized enterprises (SMEs), exporters, and consumers.
As part of this initiative, 18 banks in the city have committed nearly VND200 trillion in loans with preferential interest rates. The program will also promote green credit growth, social housing loans, and funding for exports and consumer spending.
