Record credit growth, more than 2.1 million billion 'flows' into the economy

The State Bank of Vietnam (SBV) leader said that by the end of September, credit growth in the entire economy had reached 13.37% compared to the beginning of the year. At this rate, it is forecast that credit growth for the whole year could increase by 19-20%.

The forecast for credit growth for the whole year is about 19-20%, which means the banking industry will disburse net loans to the economy of about 3.1 quadrillion VND. Photo: Nam Khanh.

This is the information shared by Mr. Pham Chi Quang, Director of the Monetary Policy Department (State Bank), at the press conference for the second quarter of 2025.

According to data from the monetary policy operator, this year, to facilitate credit institutions to provide credit capital to meet economic growth needs, on December 30, 2024, the State Bank of Vietnam sent a document to credit institutions announcing all credit growth targets for 2025, 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 of Vietnam 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. At the same time, the State Bank directs banks to increase credit growth safely and effectively, directing credit to production and business sectors, priority sectors and economic growth drivers according to 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.

The SBV leader said that with the implementation of many of the above solutions, credit growth in all months this year has increased higher than the same period in 2024, while maintaining the trend of each month being higher than the previous month.

As of September 29, the total outstanding debt of the entire economy is estimated to reach 17.4 million billion VND , up 13.37% compared to the end of 2024. Notably, this is the highest 9-month credit growth rate in the past 15 years. 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 percentage points.

The above credit growth rate means that banks have disbursed net loans to the economy almost 2.1 million billion VND after 9 months, equivalent to an average of over 230,000 billion/month.

With the above credit growth rate and the credit target to support economic growth, Mr. Pham Chi Quang, Director of the Monetary Policy Department, said that credit growth this year could reach 19-20%, which is also the highest growth rate in the past 15 years.

Regarding the credit structure in the past 9 months, Ms. Ha Thu Giang, Director of the Department of Credit for Economic Sectors, 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%; trade - services accounted for 69.8% (in the same period in 2024, it was 6.84% - 25.65% - 67.51%, respectively).

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

Besides, many commercial banks have proactively researched and immediately issued loan programs for people under 35 years old to buy houses, 4 state-owned banks alone have disbursed nearly 100 million VND. 19,335 billion VND .

Source: https://baoquangninh.vn/tin-dung-tang-ky-luc-hon-2-1-trieu-ty-chay-ra-nen-kinh-te-3378445.html