Credit recovery is strong.
Credit across the Vietnamese banking system has recorded impressive growth, reaching 13.4% compared to the end of 2024. This is a prominent highlight in the economic picture of the first nine months of the year, reflecting the strong recovery in capital demand and the effectiveness of monetary policy management solutions.
At the recent September regular government press conference, Deputy Governor of the State Bank of Vietnam (SBV) Doan Thai Son stated that the total outstanding credit balance of the entire system reached VND 17.41 trillion as of September 29, 2025. Most notably, the direction of capital flow regulation has been implemented decisively and clearly: approximately 78% of credit capital is concentrated in production and business sectors, affirming the pivotal role of credit in supporting the sustainable growth drivers of the economy.
The adjustment of credit structure by economic sector demonstrates flexibility and a close adherence to the specific characteristics of the Vietnamese economy. According to the State Bank of Vietnam's data, the proportion of credit allocated to the trade and service sector reached 69.8% (an increase compared to 67.51% in the same period last year), reflecting the recovery and acceleration of consumption, retail, and tourism . Meanwhile, industry and construction accounted for 23.97% and agriculture, forestry, and fisheries accounted for 6.23%. Despite fluctuations compared to the same period, the overall trend remains one of balanced growth, especially with the strong contribution of the service sector. Deputy Governor Doan Thai Son affirmed that, despite cyclical fluctuations, credit growth remains appropriate, contributing to supporting the economy in the context of the Government focusing on promoting public investment, consumption, and production.
Approximately 78% of credit capital is concentrated in manufacturing and business sectors.
According to economist Dr. Nguyen Tri Hieu, the credit growth rate has been very positive, reflecting the confidence of the capital market and the resurgence of economic activities. However, to maintain this growth momentum, it is necessary to tightly control credit risks, avoid excessive concentration of capital in sectors with strong cyclical fluctuations such as real estate or retail, and promote green credit and lending to small and medium-sized enterprises to spread the benefits of sustainable development.
Prioritize capital for production, creating momentum for green and sustainable growth.
A notable aspect of the cash flow picture is that credit flows are not limited to general economic sectors but are also penetrating key areas in the national supply chain and sectors that generate high added value.
In particular, agriculture – a pillar of the economy – continues to receive special priority. By the end of August 2025, outstanding loans to this sector reached approximately VND 3.9 million billion, accounting for 22.6% of total credit. Alongside this, efforts to support small and medium-sized enterprises (SMEs) – which account for over 90% of the country's businesses – are demonstrated by outstanding loans reaching VND 3.3 million billion, equivalent to 19.04% of total outstanding loans. This is clear evidence of the banking sector's commitment to supporting core production sectors of the economy.
In particular, capital flows are also directed towards industries with high innovation and added value, recording impressive credit growth. Credit for technology and supporting industries increased by 23.4%. Credit for high-tech businesses increased by 25.14% compared to the end of 2024.
These figures show that credit is playing a key role in driving economic restructuring, moving towards a growth model based on science and technology.
With the clear orientation of "capital flowing to the right places and reaching the right people," credit has become and continues to be an important lever for restoring growth.
Many key credit programs have also been implemented aggressively to address urgent issues. For example, the implementation of the 2% interest rate support package from the state budget for businesses, cooperatives, and business households continues to be maintained, not only promoting growth but also aiming towards green development, a circular economy, and the application of ESG (Environmental, Social, and Governance) standards in line with global trends.
From the perspective of the association, Mr. To Hoai Nam, Permanent Vice President and General Secretary of the Vietnam Association of Small and Medium Enterprises, commented that the reduction in lending interest rates, along with preferential credit programs focused on production, has created conditions for businesses to be more proactive in planning long-term investments. This is key to restoring business confidence and enhancing competitiveness in the context of a volatile international market.
According to Mr. Nguyen Van Tuan, Director of Green Agricultural Products Co., Ltd. - a small enterprise specializing in exporting fruit to South Korea - since the beginning of 2025, they felt like they had "struck gold" when the bank announced a preferential credit package. For several years, business has been difficult, especially after the pandemic, and capital was a heavy burden. Previously, getting a loan was a relief, but interest rates were always higher than the market rate, making it impossible to breathe. But now, interest rates have decreased, and access to capital is much easier. This money isn't just for basic necessities, but for a complete transformation. We're focusing on two major things: firstly, building more international-standard cold storage facilities to prevent spoilage and devaluation of agricultural products; and secondly, implementing blockchain technology for traceability across the entire growing region. Exporting agricultural products requires a lot of effort; foreign markets demand very strict quality and transparency. The influx of capital not only helps small businesses like ours stay afloat but also opens up opportunities to upgrade the agricultural value chain to international standards."
According to economic experts, in the context of ongoing global economic uncertainties – from geopolitical conflicts and inflation to the tightening of monetary policy in many countries – Vietnam needs to maintain flexibility and caution in its governance. However, with a clear orientation of "capital flowing to the right places and to the right people," credit has become an important lever for economic recovery and growth.
Experts also noted the need to continue monitoring bad debt risks and maintaining credit discipline to ensure the safety of the system and the sustainability of the recovery. For credit to maximize its "leading" role, close coordination between the State, banks, and businesses is needed to improve capital absorption capacity, risk management, and promote high value-added economic sectors. This is the foundation for Vietnam's sustainable economic development and deep integration./.
Source: https://vtv.vn/tin-dung-bom-thang-san-xuat-von-di-dung-huong-kinh-te-phuc-hoi-chac-chan-100251006191325123.htm
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