HCMC: Credit outstanding shows strong year-on-year growth

In June 2024, credit growth reached its highest rate of the year so far, increasing by 2.03 percent.

Meanwhile, May saw a 0.61 percent increase, April recorded a 0.35 percent increase, March posted a 1.9 percent increase, February witnessed a 0.01 percent increase, and January experienced a decrease of 0.93 percent.

On the afternoon of July 11, Mr. Nguyen Duc Lenh, Deputy Director of the State Bank of Vietnam - Ho Chi Minh City Branch, announced that the total outstanding credit in HCMC as of June 30 was over VND3.68 quadrillion, up 4 percent from the end of 2023 and 11.06 percent over the same period last year. As for credit structure, credit in Vietnamese dong continued to dominate, comprising approximately 96 percent of the total outstanding credit in the city.

Lenh noted that credit in HCMC continues to show positive growth, a significant improvement compared to the 2.75 percent growth seen in the first six months of 2023. The credit activities in HCMC during this period have positively contributed to the socio-economic environment and bolstered the city's economic growth.

"These outcomes are closely tied to HCMC's economic performance in the first half of the year, marked by an impressive GRDP growth rate of 6.46 percent over the past five years. Along with positive shifts in the goods, tourism, services, consumer, and real estate markets, efficient cash flow circulation is gradually easing bottlenecks and facilitating capital inflows—critical factors in achieving the targeted credit growth of approximately 15 percent for 2024," Lenh emphasized.

Other news