Credit growth reached 6.75 percent as of the end of April 25 while credit institutions poured VND705,000 billion (US$30.7 billion) into the economy, according to the State Bank of Vietnam.

In the 2022 annual general meeting of shareholders, many commercial banks announced that profits increased sharply in the first quarter of this year.

Bank credit increased robustly at 4.03 percent in the first quarter of 2022, 2.7 times higher than the same period last year. This is the highest growth rate in the past five years.

HCMC’s credit growth has rebounded, growing by 3.65 percent as of the end of March, up 13.1 percent year-on-year, according to the State Bank of Vietnam’s HCMC branch.

The State Bank of Vietnam (SBV) Ho Chi Minh City Branch informed that by the end of February 2022, the total credit balance of city-based credit institutions was estimated at over VND2.93 quadrillion, up 1 percent compared to the end of January and 3.54 percent compared to the end of 2021. This growth shows that HCMC's economy has a quite strong recovery because it is nearly twice as high as the national average.

The stock market as well as the real estate market faced a worrisome issue in 2021. Credit increased strongly, in which retail credit was preferred by banks because the risk coefficient when calculating Capital Adequacy Ratio (CAR) according to Circular 41/2016/TT-NHNN was lower than that of large enterprises.  

Although the prolonged Covid-19 pandemic has negatively affected the economy, the banking industry still retains bright colors in the profit picture in 2021.

To support enterprises to recover production and business activities, especially at the end of the year and the upcoming Lunar New Year, many banks have increased the rate of loans without collateral or with collateral that are assets to be formed in the future.

Deputy Director of the SBV Monetary Policy Department Bui Thuy Hang said that the credit balance of the whole economy by November 25 increased by 10.1 percent compared to the end of last year.

Mr. Dao Minh Tu, Deputy Governor of the State Bank of Vietnam (SBV), on October 12 at a press conference of the SBV, informed that the credit of the whole banking system rose by 7.42 percent compared to that at the end of last year and surged by 5.48 percent compared to the same period in 2020.