Credit growth resumed in Ho Chi Minh City in August 2024, corresponding to an increase of 0.75% compared to the previous month, after a decrease of 0.09% in July.

State Bank Ho Chi Minh City’s branch recently announced credit growth figures in the area in August with an increase of 0.75% compared to the previous month after decreasing by 0.09% in July.

Accordingly,  total outstanding loans as of the end of August 2024 reached VND 3.7 million billion, an increase of 4.68% compared to the end of 2023 and an increase of 11.28% compared to the same period last year.

According to Deputy Director of the State Bank of Vietnam in Ho Chi Minh City, Mr. Nguyen Duc Lenh, the credit growth of each commercial bank and the commercial banking sector showed that the amount of outstanding loans of joint stock commercial banks and state-owned commercial banks continued to account for a high proportion of the total outstanding loans in the area. These groups achieved higher growth rates than joint venture banks, foreign banks and financial companies, etc.

According to statistics, credit organizations on Ho Chi Minh city restructured debts without changing debt groups, with total outstanding loans of VND 41,498 billion for 43,000 customers.

The preferential credit package worth more than VND 500,000 billion has been disbursed 83.3%, equivalent to VND 425,659 billion in support for 146,906 customers; as 17 credit institutions committed to providing preferential interest rate loans from the beginning of this year until the end of the month, including reducing loan interest rates, providing loans at preferential interest rates, export loans, debt restructuring, etc.

Previously, at the regular Government press conference in August 2024, Deputy Governor of the State Bank (SBV) Dao Minh Tu said that to date, credit growth of the entire system was at 7.15% compared to the beginning of the year.

On the other hand, in Hanoi, it is estimated that as of the end of August 2024, the total outstanding loans of credit institutions at VND 4.1 million billion, an increase of 1.15% compared to the end of last month and an increase of 13.44% compared to the end of 2023.

At the end of August 2024, the State Bank of Vietnam sent a document to credit institutions, including joint stock commercial banks and state-owned commercial banks, announcing additional credit growth offered for credit institutions with a credit growth rate in 2024 reaching 80% of the target announced by the State Bank of Vietnam.

Kylie Nguyen