Ho Chi Minh City recorded a year-on-year credit growth of 1.31% in the first quarter of 2024, according to the State Bank of Vietnam (SBV)’s Ho Chi Minh City branch.

Credit in April continued the upward trend with a slight increase of 0.35% compared to the previous month.

Deputy Director of the SBV’s HCM City branch Nguyen Duc Lenh said credit policies and interest rates continued creating favorable conditions for businesses, thus encouraging them to develop production and trade. Accordingly, long-term credit surged by 1.96% year-on-year in the four-month period, while short-term by 0.6%.

Credit support programs have been effectively implemented for businesses, he said.  

Business loans for 3,634 enterprises operating within industrial parks and export processing zones exceeded VND222 trillion ($8.74 billion),  up 3.8% compared to the end of 2023.

He suggested that it is necessary to have effective cooperation between relevant departments and districts in tackling difficulties for businesses and promoting connection between banks and enterprises.