Credit growth could reach 19-20%, highest in 15 years

(Dan Tri) - By the end of September, credit growth in the entire economy reached 13.37% compared to the beginning of the year. The State Bank forecasts that credit this year could increase by 19-20%.

Credit growth highest in 15 years

According to data from the State Bank at the second quarter press conference held on October 3, as of September 29, the total outstanding debt of the entire economy is estimated at 17.4 million billion VND, an increase of 13.37% compared to the end of 2024. Compared to the same period last year, the credit growth rate in the first 9 months of this year was also higher by over 4%.

Mr. Pham Chi Quang, Director of the Monetary Policy Department (State Bank), said that at the current rate, credit growth this year could reach 19-20%. This is also the highest growth rate in the past 15 years.

According to the monetary regulator, this year, to facilitate credit institutions to provide credit capital to meet economic growth needs. On December 30, 2024, the State Bank sent a document to credit institutions announcing all credit growth targets this year, publicizing the principles for banks and credit institutions to proactively implement.

Under the condition that inflation is controlled in accordance with the targets set by the National Assembly and the Government and implementing the direction of the Government and the Prime Minister on appropriate, timely and effective credit growth management to meet the capital needs of the economy, on July 31, the State Bank announced an adjustment to increase the credit growth target for 2025 for credit institutions according to specific principles, ensuring publicity and transparency.

The addition of this limit is the initiative of the State Bank, without the need for credit institutions to request it. The State Bank directs banks to increase credit safely and effectively, directing credit to production and business sectors, priority sectors and economic growth drivers under the direction of the Government and the Prime Minister ; strictly controlling credit in potentially risky sectors.

Since the beginning of the year, the banking sector has also actively implemented credit programs to support production, business, consumption and investment projects under the direction of the Government and the Prime Minister.

Money transaction at a bank branch (Photo: Tien Tuan).

Capital is pouring into production and business.

Regarding the credit structure in the past 9 months, Ms. Ha Thu Giang, Director of the Department of Credit for Economic Sectors (State Bank), said that the credit proportion for the 3 economic sectors, namely agriculture, forestry and fishery, accounted for 6.23%; industry - construction accounted for 23.97%; and trade - services accounted for 69.8%.

Credit capital continues to be directed towards production and business sectors and priority sectors, in which about 78% of outstanding loans in the economy serve the production and business sectors.

With the credit packages for loans under the direction of the Government and the Prime Minister, the State Bank leader said that the credit package for loans to the agriculture, forestry and fishery sectors has disbursed a cumulative turnover of nearly VND 106,000 billion, exceeding the set target and continuing to be increased in scale to VND 185,000 billion. The social housing loan package under Resolution 33 of the Government and loans for young people under 35 years old to buy social housing has disbursed about VND 4,700 billion, an increase of 66% compared to the end of 2024.

In addition, many commercial banks have proactively researched and immediately issued loan programs for people under 35 years old to buy houses. Four state-owned banks alone have disbursed about 19,335 billion VND.

In addition, the State Bank and commercial banks are also making efforts to closely coordinate with the Ministry of Construction, Ministry of Industry and Trade, Ministry of Science and Technology to implement the direction of the Government and Prime Minister on the VND500,000 billion credit program for loans to invest in infrastructure and digital technology.

Source: https://dantri.com.vn/kinh-doanh/tang-truong-tin-dung-co-the-dat-19-20-cao-nhat-15-nam-20251003101936421.htm