Despite Ho Chi Minh City-based banks’ efforts to provide preferential loans, credit growth declined slightly in the first two months of 2025.
According to deputy director of the State Bank of Vietnam’s Ho Chi Minh City office Nguyen Duc Lenh, outstanding credit as of February was 3.936 trillion, down 0.17 percent from December 2024 but 12.2 percent up year-on-year.
But credit flows to key economic sectors remained stable.
Foreign currency lending to import-export businesses grew by 1.37 percent month-on-month.
Deputy director of the State Bank of Vietnam’s Ho Chi Minh City office Nguyen Duc Lenh said Ho Chi Minh City banks’ lending remained concentrated on production, business, trade, services, and consumption.
Loans to these sectors account for about 75 percent of the total amount and mainly meet short-term funding needs.
Lending in February increased by 14 percent from the previous month.
The central bank’s HCMC office said economic growth solutions help increase the ability to absorb capital and promote credit growth.
Stable, low interest rates and programs to link banks and businesses would further promote production and consumption, boosting credit growth, the office added.
The state bank aims for 16 percent credit growth this year.
