Banks lent more than VND480 trillion (US$18.88 billion) to economic entities in June, demonstrating the sector’s efforts in concretising the Government’s credit goal of 5-6% to the end of Q2.

As of June 30, credit expanded 6% compared to the end of 2023 while total outstanding loans approximated VND14.4 quadrillion (US$563.3 billion), a positive signal showing this year's credit growth target of 14 - 15% is within reach, experts said. ​

Credit growth has accelerating since the beginning of June, signaling that the 15% growth target is achievable, if the rate is maintained in the remaining months of this year.

Despite low interest rates, bank deposits have reached a new historic peak of VND16 quadrillion (US$628.5 billion) as of the end of March, according to the latest data from the central bank.

As of June 14, credit growth has reached 3.79% compared to the end of last year, marking a bright spot for the banking sector, according to the central bank.

Credit within the banking system to the end of May 2024 increased by only 2.41% against the end of 2023, far from the credit growth target, the Government reported.

Governor of the State Bank of Vietnam (SBV) Nguyen Thi Hong on May 29 said that the central bank is closely following market moves and implementing measures to stabilse exchange rates and foreign exchange market as the Government has directed.

A total of 86.2% of credit institutions expect their profit this year to grow compared to 2023, according to the latest survey of the State Bank of Vietnam (SBV).

VOV.VN - Prime Minister Pham Minh Chinh has asked the State Bank of Vietnam to direct banks to further lower lending rates to increase the economy’s access to capital.

After declining in the first two months of this year, credit of the banking industry in March increased by 0.26% compared to the end of 2023 to about VND13.6 quadrillion, the State Bank of Vietnam (SBV) reported.