Around US$30.7 billion poured into economy

Credit growth reached 6.75 percent as of the end of April 25 while credit institutions poured VND705,000 billion (US$30.7 billion) into the economy, according to the State Bank of Vietnam.

Credit growth is projected to be 14 percent this year but it saw a sharp increase in the first months, showing a large credit demand of the economy and its strong recovery.

Commercial banks reported high credit growth rates in the first quarter of this year. Of these, the outstanding credit of HCMC Development Joint Stock Commercial Bank (HDBank) reached more than VND234,000 billion (US$10billion), presenting an increase of 9.8 percent compared to the period at the beginning of this year and focusing on sectors of retail, small and medium business and consumer finance.

In the first quarter of 2022, the credit growth rate of Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) gained 6.9 percent, up over VND66,000 billion (US$2.8 billion), focusing on offering business loans to individuals, processing and manufacturing industry, retail and wholesale, agriculture, forestry, and fishery.

The Vietnamese stock market saw investors dump shares in the first trading session on May 9. Stocks in the groups of real estate, construction, securities, banking, steel, oil and gas sharply fell, including large-cap stocks of GVR, STB, SSI, POW, BVH, CTG, KDH, and PNJ. In this trading session, foreign investors net bought a value of VND574 billion (US$25 million) on the Ho Chi Minh Stock Exchange (HoSE).

At the end of the session, VN-Index dropped 59.64 points, or 4.49 percent, to 1,269.62 points. HN-Index edged down 5.84 percent, to 323.39 points. Liquidity remained at a low level and the total transaction value reached nearly VND22,000 billion (US$956 million).