Credit growth in Vietnam reached 13.37 percent in the first nine months of 2025, with total outstanding loans estimated at VND 17.7 quadrillion (US$680.7 billion), up 4 percent year-on-year, according to Pham Chi Quang, Director of the Monetary Policy Department at the State Bank of Vietnam and reported by VN Express → view source.
About 78 percent of lending was directed to production and business sectors.
The State Bank of Vietnam had originally set a 16 percent credit growth quota to support GDP growth above 8 percent, but demand has outpaced expectations.
Officials now forecast full-year growth could hit 19–20 percent, the highest in 15 years.
By sector, trade and services accounted for nearly 70 percent of credit, followed by industry and construction at 24 percent, and agriculture, forestry, and fisheries at 6.23 percent.
Real estate lending rose 19 percent year-on-year to about VND 4 quadrillion (US$151.52 billion) by end-August.
Government-directed lending programmes are also expanding, including a social housing loan package for people under 35, which has grown from VND 120 trillion (US$4.55 billion) to VND 145 trillion (US$5.49 billion).
Disbursements from the package have so far reached VND 4.7 trillion (US$178 million), up 66 percent from end-2024, with preferential interest rates at 5.9 percent annually.
Of note, Vietnam’s pursuit of high economic growth through private credit expansion has questions around capital allocation and risk management, particularly in high-exposure sectors such as real estate.
See also: Vietnam’s 8 Percent GDP Growth Target: Unpacked
(US$1 = VND 26,400)