By the end of 2024, the total outstanding consumer credit balance in Ho Chi Minh City reached VND1.111,3 quadrillion (nearly $43.53 billion), accounting for 28.2% of the city's total outstanding credit balance and marking a 10.4% increase compared to 2023.

According to Mr. Nguyen Duc Lenh, Deputy Director of the State Bank of Vietnam's Ho Chi Minh City Branch, the results of 2024 consumer credit, along with the city's growth and socio-economic development orientation for 2025, and solutions focusing on traditional growth drivers, including the consumer sector, will lay the foundation for positive consumer credit growth in 2025.

Medium- and long-term loans for buying, leasing, building, and repairing houses for residential purposes accounted for the highest proportion, making up 61.3% of the total outstanding consumer credit balance.

As of now, the outstanding balance of loans for purchasing household appliances and equipment has reached nearly VND160 trillion (over $6.26 billion), accounting for 14.2% of the total outstanding consumer credit balance and increasing by 35.9% compared to 2023.

"This result reflects a positive trend driven by increased spending and consumption demand. The growth of consumer credit in this area will stimulate production and business development, promoting trade, services, and economic growth. This highlights the role of consumption and consumer credit as a driving force for growth," said Mr. Lenh.