Ho Chi Minh City recorded a year-on-year credit growth of 9.83% in the first five months of 2024, according to the State Bank of Vietnam (SBV)’s Ho Chi Minh City branch.

Total outstanding loans reached VND3.6 quadrillion ($141 billion).

The figure represents an increase of 1.93% compared to the end of 2023.

The credit has continued the upward trend since February this year with a slight month-on-month increase of 0.35% and 0.61% in April and May.

Deputy Director of the SBV’s HCM City branch Nguyen Duc Lenh said the credit is expected to continue growing in the last months of the year as economic activities are forecast to grow well in the second half.

The credit growth also reflected effective implementation of support programs for business, he said.