Credit growth in HCMC nearly double national average

The State Bank of Vietnam (SBV) Ho Chi Minh City Branch informed that by the end of February 2022, the total credit balance of city-based credit institutions was estimated at over VND2.93 quadrillion, up 1 percent compared to the end of January and 3.54 percent compared to the end of 2021. This growth shows that HCMC's economy has a quite strong recovery because it is nearly twice as high as the national average.

According to the SBV- HCMC Branch, the above growth rate is reasonable when production and business activities have returned to normalcy after the pandemic is under control. At the same time, policies to support businesses have come into play, bringing positive signals about socio-economic recovery and growth. Priority credit flows have been poured into production and business sectors to support business recovery.

In addition, commercial banks in HCMC also focused on supporting businesses with two main groups, including reducing interest rates and restructuring debts, keeping the debt group unchanged. By early February 2022, outstanding loans that HCMC-based banks supported businesses exceeded VND3.2 quadrillion.

According to the SBV, the credit of the whole industry by the end of February 2022 increased by 1.82 percent compared to the end of 2021, lower than the level of 2.74 percent recorded at the end of January 2022. Thus, the credit balance in February decreased by about VND96 trillion compared to January.