Ho Chi Minh City recorded a year-on-year credit growth of 11.47% in the first seven months of 2024, according to the State Bank of Vietnam (SBV)’s Ho Chi Minh City branch.

Total outstanding loans reached VND3.68 quadrillion ($145 billion).

Deputy Director of the SBV’s HCM City branch Nguyen Duc Lenh said the credit growth is attributed to low interest rate and solutions rolled out by the city authorities to support businesses as well as credit programs for priority sectors.

Total outstanding loans in July for five groups of priority sectors, including small- and medium-sized enterprises, export, agriculture and rural development, supporting industry and firms applying high technologies, totaled VND1.652 trillion ($65.4 million), up 3.2% compared to the previous month.

Of which, loans for small- and medium-sized enterprises accounted for 83%, creating conditions for businesses to recover and grow, according to Mr. Lenh.