According to Deputy Director of the State Bank of Vietnam (SBV), Ho Chi Minh City Branch Nguyen Duc Lenh, among these, loans for purchasing, constructing, renovating houses, and acquiring land use rights for building houses accounted for the largest proportion in consumer loans, reaching VND660,000 billion (US$26 billion), accounting for 61.7 percent.
Besides, consumer credit for living expenses, comprising buying household goods and equipment saw the highest growth, surpassing VND145,000 billion (US$5.7 billion), making up 13.6 percent of the total outstanding consumer loans, an increase of 25 percent compared to the end of 2023 and up 46.5 percent over the same period last year.
Deputy Director of the State Bank of Vietnam, Ho Chi Minh City Branch Nguyen Duc Lenh disclosed that in recent months, the demand for consumer credit has shown a growth trend linked to overall economic growth. Of which, loans for purchasing houses have shown better growth over the past three months and achieved the highest growth rate in October, increasing by 1.3 percent.
The positive growth in this sector has been boosting overall consumer credit activities.
Additionally, the demand for loans to purchase household goods and equipment, and the convenience of credit card utilities have facilitated residents on spending. That has positively impacted the growth of consumer credit in Ho Chi Minh City.
Deputy Director of SBV, Ho Chi Minh City Branch Nguyen Duc Lenh also mentioned that there is still substantial room for consumer credit growth and the activity will continue to contribute to credit growth as well as the economic growth of Ho Chi Minh City in the last months of the year.
