Ho Chi Minh City posted credit growth of 2.43 per cent in the first five months of this year compared to the end of 2022, according to the State Bank of Vietnam (SBV) branch in the city.

Credit in VND and foreign currencies were up 2.21 per cent and 6.46 per cent, respectively.

Deputy Director of the SBV branch in the city, Nguyen Duc Lenh, said credit growth in the country and in Ho Chi Minh City can be attributed to many positive factors, in particular a stabilized macro-economy and inflation control. The Consumer Price Index (CPI) in the five-month period increased 3.55 per cent year-on-year.

These are important factors for economic growth and the production and trade of businesses as well as for ensuring social security, he said.

The city’s economic growth in the second quarter of the year, which is forecast to reach 5.78 per cent year-on-year, will also have direct impact on credit growth.