Credit in Ho Chi Minh City increased by 12.7% in the first ten months of 2024 compared to the same period last year, according to the State Bank of Vietnam (SBV)’s Ho Chi Minh City branch.

By the end of October 2024, total outstanding loans reached over VND3.78 quadrillion ($148 billion), reflecting an increase of 0.98 per cent  compared to the cumulative figure recorded by the end of September, and of 6.87 per cent to the figure recorded by the end of 2023.

Deputy Director of the SBV’s HCM City branch Nguyen Duc Lenh said in the ten-month period, credit in Vietnamese dong (VND) accounted for 96.2% of the total, up 7.41% compared to late 2023. The growth was attributed to low interest rate and solutions rolled out by the city authorities to support businesses as well as credit programs for priority sectors.

Credit institutions in the southern city mobilized capital worth more than VND3.85 quadrillion (more than $152 billion), up 8.9% compared to late 2023, which is higher than the credit growth rate, according to Mr. Lenh. This would help meet increasing capital demand of business in the year end.

Credit activities would also help to stabilize the market, contributing to keeping prices of products stable for the final months of the year, particularly essential commodities, he said.