The State Bank of Vietnam - HCMC Branch released updated official figures on credit growth in the city for 2024 on the morning of November 13.
According to the data, the total credit balance in HCMC reached nearly VND3.95 quadrillion, an increase of 11.34 percent compared to the end of 2023. This growth rate for 2024 is second only to 2022 (13.8 percent), exceeding the rates recorded in 2023 (9.8 percent), 2021 (11.9 percent), and 2020 (10.4 percent).
Lending in the production, business, trade, and service sectors remains dominant, accounting for approximately 65–67 percent of the total credit balance in HCMC. The remainder consists of consumer credit and real estate credit.
In addition, commercial banks in the city have restructured loans and maintained the debt classification for 43,842 business clients, with a total debt balance of VND33.42 trillion.
Mr. Nguyen Duc Lenh, Deputy Director of the SBV’s HCMC Branch, reported that the city’s credit accounts for 25.2 percent of the total national credit balance and over 2 percent of the city’s Gross Regional Domestic Product (GRDP).
“Credit activities in 2024 in HCMC are closely aligned with business support initiatives, serving as a key driver of the city's economic growth. It is achieved through the effective implementation of preferential credit programs and Banking-Business Connection program, with a particular focus on meeting the capital and service needs of import-export production and business activities. By the end of 2024, the total outstanding foreign currency loans in the city are projected to reach VND158 trillion, an increase of 4.24 percent compared to the end of 2023,” Mr. Nguyen Duc Lenh stated.
