Capital mobilization has not kept pace with credit growth.

Credit growth has outpaced deposit growth. However, the State Bank of Vietnam is committed to ensuring sufficient capital supply for the economy.

According to updated statistics released by the State Bank of Vietnam at the end of December 2024, household deposits reached VND 7,065 trillion, an increase of approximately VND 65,000 billion in December alone. Meanwhile, deposits from economic organizations surged by nearly VND 400,000 billion, bringing the total to VND 7.66 trillion.

Thus, total capital mobilized from individuals and businesses reached 14,732 trillion VND, an increase of 463,000 billion VND in just one month – a positive figure in terms of the flow of money into the banking system. However, alongside the increase in capital mobilization, the amount of money lent to the economy also increased sharply, with total outstanding credit reaching 15.7 trillion VND, nearly 1 trillion VND higher than the total mobilized capital.

This gap is tending to widen in the first months of 2025. In the first quarter of 2025 alone, according to data from the General Statistics Office - Ministry of Finance , as of March 25, 2025, capital mobilization by credit institutions increased by only 1.36%, while credit increased by 2.49%; the gap between mobilization and lending continues to widen, currently exceeding 1.1 trillion VND.

Total capital mobilized from individuals and businesses by the end of 2024 reached 14,732 trillion VND. Photo: Duy Minh

With a current GDP of approximately 12 trillion VND, while outstanding credit has nearly reached 16 trillion VND (equivalent to 135% of GDP), it is clear that the banking system is "straining" to meet the capital needs of the economy. As of the end of the first quarter of 2025, deposit interest rates remained almost unchanged compared to the end of 2024, increasing by only 0.08%, while lending interest rates continued to decrease by 0.4% compared to the end of 2024.

A leader of the State Bank of Vietnam frankly admitted: "The banking sector is lending more to the economy than it is mobilizing. We mobilize 9 dong but lend out 10 dong." This capital shortfall must be compensated by equity capital or refinancing from the State Bank of Vietnam. At the same time, the State Bank leader affirmed that it will continue to support liquidity for commercial banks, prioritize credit to manufacturing, high technology, renewable energy, and export sectors, while strictly controlling risks in sensitive areas.

Reportedly, by the end of the first quarter, credit growth reached 3.93%, 2.5 times higher than the 1.42% recorded in the same period last year. Furthermore, 26 commercial banks have adjusted their deposit interest rates downwards, creating a foundation for providing loans at reasonable interest rates to the economy.

Thuy Linh

Source: https://congthuong.vn/huy-dong-von-tang-khong-kip-muc-tang-tin-dung-382256.html