Deputy Governor of the State Bank Pham Thanh Ha - Photo: SBV
Economic credit reaches over 17.2 million billion VND
The above information was announced by Deputy Governor of the State Bank Pham Thanh Ha at a press conference to inform about the banking sector's performance in the first 6 months of 2025, held today, July 8.
At the press conference, Deputy Governor Pham Thanh Ha said that with synchronous solutions, credit has grown positively since the beginning of the year.
As of June 30, economic credit reached over VND17.2 trillion, up 9.9% compared to the end of 2024 and up 19.4% over the same period. This is the highest growth rate since 2022.
"In the first 6 months of 2025, the State Bank will continue to maintain operating interest rates, creating conditions for credit institutions to access capital from the State Bank at low costs, thereby creating conditions to support the economy.
At the same time, credit institutions are directed to continue to reduce operating costs, increase the application of information technology, digital transformation and other solutions to strive to lower lending interest rates.
Thanks to the above solutions, the average lending interest rate (applied to new loans) has decreased by 0.64% compared to the end of 2024. The current average lending interest rate is 6.24%," said Deputy Governor Pham Thanh Ha.
According to Mr. Pham Thanh Ha, the State Bank regularly directs credit institutions to promote credit growth while ensuring credit safety, focusing credit on production and business sectors, priority sectors and economic growth drivers according to the Government 's policy.
At the same time, strictly control credit for areas with potential risks; continue to implement solutions to facilitate customers' access to bank credit sources.
Regarding credit structure, currently the agriculture, forestry and fishery sector accounts for 6.37%, the processing and manufacturing industry accounts for 12.84%, and the construction sector accounts for 7.53% (including infrastructure investment projects, which are sectors being directed by the Government and the Prime Minister to promote investment).
The wholesale, retail, repair of automobiles, motorcycles, motorbikes and other motor vehicles sector has the largest outstanding debt scale in the whole system, accounting for 23.74%. Real estate business activities account for 18.47%. Activities of hiring jobs for household, production of material products and services for household consumption account for 12.91%.
Some sectors with a large proportion in the total outstanding credit in the economy continued to grow well, including sectors that contributed to promoting growth, such as: Priority sectors of agriculture, rural areas and small and medium enterprises continued to be sectors with a large share in the total outstanding credit of the economy, respectively 23.16%, 17.51%, up 5.31%, 5.71% respectively.
The supporting industry sector and high-tech enterprises have credit growth rates higher than the growth rate of the economy, at 15.69% and 17.59%, respectively.
The global economy remains uncertain in the coming period.
Mr. Pham Chi Quang, Director of Monetary Policy Department, State Bank of Vietnam - Photo: SBV
Also at the press conference, Deputy Governor Pham Thanh Ha said that early this morning, July 8, the US announced a 25-40% tax rate on 14 countries, effective from August 1, and warned that it would increase the tax rate if these countries retaliated, showing that the global economy still has many uncertainties in the coming period.
"Although inflation has cooled down to the target level, there is still a risk of it rising again. Thus, potential risks in the world financial and monetary markets create pressure on monetary policy management, exchange rates, domestic interest rates as well as the implementation of the target of supporting economic growth of 8% or more in 2025," said Mr. Pham Thanh Ha.
Mr. Ha also said that the State Bank always closely monitors developments in the domestic and international macro economy, financial and monetary markets to develop appropriate management scenarios, proactively, flexibly, promptly and effectively manage monetary policy, and closely coordinate with fiscal policy and other macroeconomic policies to contribute to prioritizing strong economic growth while maintaining macroeconomic stability, controlling inflation, and ensuring major balances of the economy.
Regarding the exchange rate fluctuations, Mr. Pham Chi Quang, Director of the Monetary Policy Department, State Bank of Vietnam, said that since the beginning of the year, the US government has changed its policies rapidly, including economic, fiscal and especially monetary policies. This has led to large fluctuations in the USD and it has decreased by about 10%, and at times it has decreased by more than 10%.
The decline of the USD has benefited many currencies, especially those in the Asian region. However, the VND has still depreciated, down about 2.7-2.8% against the USD so far.
Mr. Quang said that to maintain the strength of a currency, that currency must be attractive. Attractiveness is partly achieved through interest rates. However, in recent times, the State Bank has implemented management policies to maintain low interest rates, supporting economic growth.
"To have low interest rates, there must be certain trade-offs, including exchange rates, because when maintaining low interest rates, the interest rate difference between VND and USD will be negative. Organizations will switch to holding other more attractive currencies," said Mr. Quang.
According to Mr. Quang, although Vietnam's balance of payments remains stable and the trade balance remains in surplus, the withdrawal of foreign capital from the stock market since 2024 has put pressure on the foreign exchange market.
Vietnam's economy is highly open, with a large export market, especially to the US, so tax policies will affect exchange rates and interest rates in the future when capital flows between countries.
Source: https://tuoitre.vn/tang-truong-tin-dung-ca-nuoc-gan-10-cao-nhat-ke-tu-nam-2022-20250708145703508.htm
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