HCMC credit growth surges sharply in first half of 2022

Deputy Director of State Bank Ho Chi Minh City Branch Nguyen Duc Lenh informed that by the end of June, the credit growth in the city is expected to increase by 9.3 percent over the end of 2021 which is considered the highest level over the years the higher than the country average benchmark in six months is 8.5 percent.

The main reasons for boosting the credit growth in the city are thanks to the rapid recovery of enterprises in all fields promoting high capital demand when the pandemic is under control. Of which, trade and services are at the top of the growth with 4.83 percent reflecting the trend and ability of recovery. 

The rapid credit growth in Ho Chi Minh City also reflects the recovery, positive growth of the city’s economy and the effectiveness of the economic recovery program of the Government and the city as well as the policies, mechanism and activities for overcoming the obstacles, difficulties, support programs of the banking sector in general and in HCMC in particular.

Besides, the credit growth was also shown through Ho Chi Minh City’s GRDP in the first half of 2022 with a surge of 3.82 percent from a negative growth from the end of last year.