Seven-month credit in HCMC rises 5.8 percent

According to the Ho Chi Minh City Statistical Office, by August 1, the total credit outstanding balance of the banking system in the city had exceeded VND2.68 quadrillion, an increase of 13.1 percent over the same period last year and 5.8 percent compared to the end of last year. This is a good credit growth in the context of the Covid-19 pandemic.
The State Bank of Vietnam-HCMC Branch said that credit in the first months of the year in the city mainly flowed into export processing zones and industrial parks because export orders still posted optimistic growth. In addition, foreign enterprises still maintained their operations efficiently, so credit demand increased steadily. However, this group of customers mainly belongs to foreign banks in Vietnam.

Accordingly, in the first seven months of this year, the credit growth rate of foreign banks was stable at 5.35 percent. In July alone, the credit growth of foreign banks in HCMC reached 2.2 percent, higher than the general credit growth in the area.

Besides, credit into many business lines of essential goods, such as food, masks, and medical protective clothing for pandemic prevention, also grew positively.

By Nhung Nguyen – Translated by Bao Nghi

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