Mr. Nguyen Duc Lenh, Deputy Director of the State Bank of Vietnam - Ho Chi Minh City Branch, stated that loan disbursement for the city’s price stabilization program reached roughly VND9.78 trillion, benefiting 37 companies with an average interest rate of around 4 percent per annum. This low rate helps businesses reduce production costs, allowing for stable or reduced prices, especially during the Lunar New Year season, supporting social welfare and price stability.
As of October 2024, total outstanding credit in Ho Chi Minh City stood at VND3.785 trillion, an increase of 0.98 percent from the previous month and 6.87 percent since the end of 2023. This reflects a steady pace of credit growth in recent months.
Of this total, loans in VND made up a significant portion, accounting for 96.2 percent of all outstanding credit and rising 7.41 percent since the end of last year. Low interest rates, along with supportive credit policies and the disbursement of preferential loan packages, have been the main drivers of this growth.
Mr. Lenh highlighted that credit growth will continue to support businesses and economic growth in the remaining months of the year.
