Vietnam’s total outstanding credit reached VND 16,730 trillion (about US$656 billion) as of June 18, up 7.14 percent from the end of 2024, according to the State Bank of Vietnam (SBV).

This is significantly higher than the 3.87 percent growth recorded in the same period last year, The Investor has reported→view source.

Key details:

VietinBank: Highest credit growth among Big 4 banks, at 9.1 percent (VND 1,900 trillion or US$72.8 billion)
Shinhan Bank Vietnam: Credit growth exceeded 6.5 percent by mid-June
Credit-to-GDP ratio: Reached 134 percent by end-2024, raising systemic risk concerns
SBV 2025 credit growth target: ~16 percent to support GDP growth target of at least 8 percent
Q1 bank deposits: VND 15,000 trillion (US$588 billion), with household deposits up 5.73 percent

The strong credit expansion reflects Vietnam’s determination to maintain robust economic growth, despite broader global economic uncertainty, through pumping credit into the local economy.

However, the country’s growing reliance on bank lending as the main engine of economic activity, rather than more diversified financing channels such as equity markets or corporate bonds, could be problematic.

This heavy dependence raises concerns about potential systemic risks, including rising bad debts, overheating in certain sectors, and increased vulnerability to external shocks.

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