Credit growth in the first quarter contributed to boosting Ho Chi Minh City's economy.

According to statistics from the State Bank of Vietnam, Region 2, credit in Ho Chi Minh City increased by 1.39% by the end of the first quarter of 2025 compared to the end of last year. This growth rate is higher than the first quarter growth rates of the two previous years, which were 0.96% and 1.25% respectively.

Mr. Nguyen Duc Lenh, Deputy Director of the State Bank of Vietnam, Region 2, stated that credit continues to focus on production, business, trade, services, tourism , and import-export. Specifically, credit for manufacturing, construction, agriculture, forestry, transportation, and warehousing sectors all experienced growth rates exceeding 1.5%.

The above results were achieved thanks to credit institutions accelerating the disbursement of preferential credit packages, government credit programs, State Bank of Vietnam credit programs, and stimulus programs of the Ho Chi Minh City People's Committee. Among these, the city's bank-enterprise connection program stands out.

The improving real estate and consumer markets will provide opportunities for banks to continue expanding lending in the coming months - Photo: Dinh Hai

Notably, in the first three months of 2025, foreign currency credit in Ho Chi Minh City grew at a rate of 2.1%, higher than the growth rate of Vietnamese Dong credit and overall credit in the area.

According to Mr. Nguyen Duc Lenh, although foreign currency credit has increased significantly, it only accounts for a small proportion (about 4%) of the total outstanding credit in the area. Foreign currency credit is mainly conditional lending, targeting specific sectors and industries involved in import and export, as stipulated in regulations on foreign currency loans.

Mr. Leinh emphasized that the increase in foreign currency lending reflects positive growth in import and export activities, and the stable exchange rate benefits import and export businesses in accessing bank credit.

Positive credit growth in Ho Chi Minh City has contributed to a 7.51% increase in the Gross Regional Domestic Product (GRDP) – the highest growth rate in the past three years. This is partly due to improvements in the goods and tourism services markets in the first quarter of this year, which in turn boosted credit growth in the area.

The recovery of the real estate market and improved consumer spending, including increased retail sales and consumer lending, will continue to open up opportunities for credit growth in the area in the coming months.

“This not only reflects the role of bank capital in the city's economic growth, but also demonstrates the effectiveness of the State Bank's monetary, credit, interest rate, and exchange rate policy mechanisms. Macroeconomic stability and appropriate policy mechanisms have a positive impact on bank credit activities, ensuring the promotion of economic growth,” Mr. Leinh added.

Source: https://thoibaonganhang.vn/tang-truong-tin-dung-quy-i-gop-phan-thuc-day-kinh-te-tp-ho-chi-minh-162642.html