Credit growth in Vietnam for the year had reached 3.79 percent by June 14 over the end of 2023, according to CafeF. This is a solid improvement over the start of the year recording contractions in both January and February of 0.68 percent and 0.72 percent, respectively. It is, however, still well below the target of 15 percent for the year.
Of note, at the end of June last year, credit growth was sitting at about 4.73 percent. It also failed to climb much higher for most of the rest of the year until November when banks started to push consumer credit through aggressive marketing campaigns–credit growth jumped, as a result, from 7.41 percent at the end of October to 13.5 percent by the end of the year.
This may be a sign of things to come if credit growth doesn’t pick up soon.
See also: Banking in Vietnam: Industry Overview 2024: Credit Growth Limits