Ho Chi Minh City posted a year-on-year credit growth of 0.04% in January, according to the State Bank of Vietnam (SBV)’s Ho Chi Minh City branch.

Total outstanding loans reached over VND3.94 trillion ($153 million).

Joint stock commercial banks had the highest credit proportion, accounting for 56.7% of the total outstanding loans.

Meanwhile, foreign  banks accounted for 9.5%.

The credit increase will create momentum for the city to maintain growth in the following months as well as support businesses, according to Deputy Director of the SBV’s HCM City branch Nguyen Duc Lenh.

In the coming months, the city will continue effectively implementing the program to connect enterprises with banks, focusing on boosting the disbursement of the credit package in support of small- and medium-sized enterprises, he said.