On September 16, Mr. Nguyen Duc Lenh, Deputy Director of the State Bank of Vietnam - HCMC Branch, reported that by the end of August 2024, total outstanding credit in the city had reached over VND3.7 quadrillion, up 0.75 percent from the previous month, 4.68 percent higher than at the end of 2023, and up 11.28 percent year-over-year. Following a slight dip in July (down 0.09 percent), credit grew again in August.
Foreign currency credit, which represents about 3.6 percent of the total and had been declining in recent months, recovered in August 2024 with a 0.8 percent increase. "This development reflects the export-import activities in HCMC and the positive exchange rate movements. The stable exchange rate and foreign exchange market have also positively influenced overall business operations, particularly in the export-import sector," he explained.
Mr. Nguyen Duc Lenh also highlighted that banking credit activities in the area remain focused on supporting businesses. To date, nearly 43,000 customers and businesses in HCMC have had their debts restructured, with a total outstanding debt of nearly VND41.5 trillion.
Notably, disbursements from the preferential credit package through the bank-business connection program have been substantial. In the first eight months of 2024, VND425.659 trillion had been disbursed, reaching 83.3 percent of the registered credit package size for the year. This assistance has supported 146,906 customers through measures, such as reduced loan interest rates, debt restructuring with unchanged credit classifications, preferential interest rates, and export-import financing.
Additionally, outstanding loans for the five priority sectors amounted to roughly VND1.69 trillion, a 0.7 percent increase from July 2024. Loans to small and medium-sized enterprises continue to dominate, making up 82 percent of the total outstanding loans in these five priority sectors.
