In early 2025, Ho Chi Minh City banks showed a slight decline in credit growth, reporting outstanding credit at 3.936 trillion VND. However, lending to key sectors remained stable, and the central bank aims for a 16% growth this year. Other economic developments include resuming the e-tax system, expanding customs operations, and projected increases in trade and export revenues.
In the beginning of 2025, banks in Ho Chi Minh City experienced a mild decline in lending growth despite their initiative to offer preferential loans. Nguyen Duc Lenh, Deputy Director of the State Bank of Vietnam’s HCM City office, reported that outstanding credit as of February reached 3.936 trillion VND, reflecting a decrease of 0.17% from December 2024 but an annual increase of 12.2%.
Credit flows to key economic sectors, however, remained stable, particularly with a 1.37% month-on-month rise in foreign currency lending catering to import-export enterprises. Approximately 75% of loans are directed toward production, business, trade, services, and consumption, primarily fulfilling short-term funding requirements. An increase of 14% in lending was noted in February compared to the previous month.
The HCM City office of the central bank indicated that implementing economic growth strategies enhances capital absorption capabilities and promotes credit growth. By maintaining low and stable interest rates, alongside programs aimed at fostering collaborations between banks and businesses, the potential for increased production and consumption, and consequently credit growth, will be stimulated. The State Bank has set a target of achieving a 16% credit growth rate for the current year.
Additionally, several developments indicating broader economic trends include the full resumption of the e-tax system post-suspension from March 12 to March 17 to improve tax management. Moreover, the customs sector has initiated a new operational model as part of the 12th Party Central Committee’s Resolution 18 aimed at organizational restructuring.
Vietnam’s export revenue is also projected to reach $454 billion amidst challenging global conditions, demonstrated by a 9.9% increase in exports worth $65.2 billion in January-February, while imports rose 16%, resulting in a trade surplus. The State Bank of Vietnam has adjusted its reference exchange rate for the USD to 24,794 VND/USD.
In the airline sector, Vietnam Airlines plans to resume direct flights between Hanoi and Moscow by May 8 and expects to launch 15 additional international routes this year. Assessing Vietnam’s financial positioning, experts recognize its potential for developing an international financial center, with emphasis on the significance of skilled human capital. Vietnam’s rice exports are set to recover owing to persistent high demand, with over one million tonnes shipped in the early months of the year.
The financial landscape in Ho Chi Minh City shows a modest decline in bank lending at the onset of 2025, yet key sector lending remains stable. Efforts by the State Bank aim to bolster credit growth amid a favorable economic outlook, aiming for a target of 16% this year. Complementary developments in taxation, customs operations, and export trends further reflect the evolving economic landscape of Vietnam, signaling potential in various sectors.
Original Source: en.vietnamplus.vn
