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Ho Chi Minh City’s credit expands 8.4% in first five months

by NDO01 June 2022 Last updated at 20:00 PM

Ho Chi Minh City's credit growth rate in the first five months of 2022 is the highest in recent years. (Photo: VNA)
Ho Chi Minh City's credit growth rate in the first five months of 2022 is the highest in recent years. (Photo: VNA)

VTV.vn - Ho Chi Minh City’s credit growth in the first five months of 2022 was estimated at 3.07 quadrillion VND, up 8.4% from the end of 2021, according to the municipal chapter of the State Bank of Vietnam (SBV).

It is the highest figure seen over the same period in recent years, even exceeding the pre-pandemic period. The growth rate for five months was 4.76% in 2021, 1.75% in 2020 and 6.74% in 2019 before the onset of COVID-19.

The figure is also higher than the national average of 7.75% recently announced by the central bank.

The SBV representative in Ho Chi Minh City said such an impressive increase was attributed to the solid recovery of the city’s growth engines such as export, food processing, manufacturing, tourism and other services.

The policies on restructuring debts and granting new loans at low-interest rates also contributed to rapid credit growth, helping enterprises to surmount COVID-19 difficulties and rebound.

To continue supporting economic growth, the central bank’s Ho Chi Minh City branch suggested that credit institutions should take measures to ensure safe credit growth, control bad debt and prioritise credit to manufacturing.

It added that it is necessary to promptly implement the two-percentage point interest rate support package for enterprises, cooperatives and household businesses affected by the pandemic.

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