Total loans in Vietnam’s banking system stood at nearly VND12.6 quadrillion ($525 billion) as of September 15, up 5.56 per cent compared to the end of 2022, according to the State Bank of Vietnam (SBV).

At a conference in Hanoi on September 21 linking the capital’s businesses with banks, the SBV said growth can be attributed to greater efforts to tackle obstacles in credit access and the economy’s ability to absorb capital.

Hanoi had posted credit growth of 10.35 per cent since the end of 2022 as of the end of August, reaching $3.2 quadrillion ($133 billion). The figure ranks its second in terms of credit scale, following Ho Chi Minh City.

Speaking at the conference, SBV Governor Nguyen Thi Hong said the banking sector is ready to implement measures to help address difficulties and meet credit demand for economic development in the capital.