Ho Chi Minh City credit nearly doubles in 2021

This figure is also higher than the average growth rate of the whole industry, showing positive changes in capital demand to restore production and business. This is also the highest growth rate in recent years.

Credit growth of banks in Ho Chi Minh City reached 8.4% in the first 5 months of the year. (Illustration image – Photo: Investment Newspaper)

Show scale Credit in Ho Chi Minh City is estimated at 3,074,000 billion VND. Meanwhile, in the same period in 2021, credit increased by 4.76%; in 2020 only increased by 1.75% and in the period before the COVID-19 epidemic in 2019, credit in the area also increased by only 6.47%.

Credit flows strongly into areas such as: export; food processing; manufacturing industry; service tourism.

Besides, the most monetary policy is the credit policy according to the mechanism of Circular 01, Circular 03 and Circular 14 of the State Bank on debt restructuring, keeping the debt group unchanged; Interest rate exemptions and reductions and new loans with low interest rates for businesses, business households and cooperatives in the area have come into play, bringing direct effects to customers and businesses. This has helped businesses not only overcome difficulties caused by the COVID-19 pandemic, but also recover and grow.

Notably, the capital needs of enterprises located in industrial parks and export processing zones are the highest with the loan growth in 5 months up to 27.1%.

The growth and recovery of production and business activities is considered an important factor promoting credit growth in the area in the first 5 months of the year.

“Economic growth results, growth results of businesses and banks in the first 5 months of the year, along with factors of macroeconomic stability and monetary market stability, are the foundation for economic recovery and impact on the economy. The credit growth momentum has returned to the local credit growth momentum in the first months of the year with an impressive and high growth rate compared to the same period in previous years,” said a representative of the State Bank of Vietnam, Ho Chi Minh City branch. .

In order for credit to continue to be effective, to well implement solutions to support and restore growth, the State Bank of Vietnam, Ho Chi Minh City branch, noted that credit institutions in the coming time need to focus on implementing a a number of solutions such as safe and effective credit growth; well control bad debts and continue to focus capital on production and business, support and restore economic growth, best meet the capital needs, banking services for enterprises; continue to well implement mechanisms and policies on monetary, credit and interest rates.

In particular, the State Bank of Vietnam, branch of Ho Chi Minh City, said that it is necessary to urgently implement the support of 2% interest rate from the state budget for enterprises, cooperatives and business households in the affected sectors. affected by the pandemic according to Decree 31/2022/ND-CP of the Government and Circular 03/2022/TT-NHNN of the State Bank; ensure the effective promotion of this supportive credit package, and at the same time expand and sustainably grow credit.

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