This growth level aligns with HCMC's economic growth trend in the first quarter of 2024.
On April 4, Mr. Nguyen Duc Lenh, Deputy Director of the State Bank of Vietnam- HCMC Branch, noted that the city's economy had seen remarkable growth, with production and business sectors thriving, driving the demand for capital and credit growth in the city. Accordingly, credit in the area has been on a positive growth trajectory in the first three months of the year, with each month surpassing the previous one.
Although credit in HCMC decreased by 0.93 percent in January 2024, it increased by 0.01 percent in February, and it is expected to rise by 0.5 percent in March 2024 compared to the previous month. This growth level aligns with HCMC's economic growth trend in March 2024 and the first quarter of 2024, said Lenh.
In terms of credit structure, outstanding balance for production, business, trade, and services sectors continue to dominate, making up over 60 percent. Among these, lending to enterprises operating within industrial parks and export processing zones (IPs-EZs) saw the highest growth, reaching nearly VND217.6 trillion for 3,636 enterprises, up 1.6 percent compared to the end of 2023.
According to Lenh, the economic growth in HCMC reflects the positive development and growth of numerous production and business sectors within the city, creating a conducive economic environment for banking credit activities. In the first quarter of 2024, HCMC's economy achieved remarkable growth, with its Gross Regional Domestic Product (GRDP) surging by 6.54 percent, the highest in nearly five years. This growth significantly surpassed that of the same period last year. In the first quarter of last year, the city’s GRDP saw an increase of only 0.7 percent.
