Credit growth reached nearly 10% in six months, the highest ever. (Photo: Vietnam+)
With the drastic and synchronous implementation of solutions, as of June 30, 2025, the total outstanding credit balance of the whole system increased by 9.9% compared to the end of 2024, and increased by 19.32% compared to the same period in 2024. This is also the highest credit growth rate in many years.
The above information was given at a press conference to inform about the banking performance results in the first 6 months of 2025, held by the State Bank on the morning of July 8.
Continue to reduce interest rates
Speaking at a press conference, Deputy Governor of the State Bank of Vietnam Pham Thanh Ha said that in the first months of 2025, global economic growth slowed down, affected by many factors, from rapidly changing tariff policies to increasing geopolitical tensions.
“Early in the morning of July 8, Vietnam time, the US announced a tax rate of 25%-40% for 14 countries, effective from August 1, and warned that it would increase taxes if these countries retaliate, showing that the global economy is still uncertain in the coming period. Although inflation has cooled down to the target level, there is still a potential risk of increasing 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 goal of supporting economic growth of 8% or more in 2025,” the Deputy Governor commented.
In that context, the State Bank leader said that he always closely monitors developments in the domestic and international macro-economy, financial and monetary markets to develop appropriate management scenarios. Proactive, flexible, timely and effective monetary policy management, synchronous, harmonious and close coordination with fiscal policy and other macroeconomic policies contributes to prioritizing strong economic growth associated with maintaining macroeconomic stability, controlling inflation and ensuring major balances of the economy.
Regarding the results of monetary policy management and banking operations in the first 6 months of 2025, the State Bank conducted open market operations flexibly and proactively, in accordance with developments in the monetary market and the State Bank's monetary policy management goals.
Regarding interest rate management, in the first 6 months of 2025, the State Bank will continue to maintain the operating interest rates to create conditions for credit institutions to access capital from the State Bank at low costs, thereby creating conditions to support the economy.
In addition, the State Bank regularly directs credit institutions to continue to reduce operating costs, increase the application of information technology, digital transformation and other solutions to strive to lower lending interest rates.
Deputy Governor of the State Bank Pham Thanh Ha speaks at a press conference. (Photo: Vietnam+)
As a result, the lending interest rate level continues to decrease, the average lending interest rate for new transactions of commercial banks is at 6.29%/year, down 0.64%/year compared to the end of 2024. Thus, businesses and people are accessing loans at lower interest rates than before.
In addition, the State Bank continues to implement the Project to restructure the system of credit institutions for the 2021-2025 period, promote bad debt handling and strengthen measures to prevent the emergence of new bad debts.
Outstanding credit balance of the whole system reached 17.2 million billion VND
To facilitate credit institutions to provide credit capital to meet economic growth needs, according to Deputy Governor Pham Thanh Ha, on December 30, 2024, the State Bank publicly and transparently announced to credit institutions the principles for assigning credit growth in 2025 so that credit institutions can proactively implement them.
Based on the growth and inflation control targets for 2025 assigned by the National Assembly and the Government, the State Bank expects credit growth for the entire system to be around 16%, with flexible adjustments based on reality. The State Bank has also assigned credit targets to each bank since the beginning of the year, with the principle of publicity and transparency.
Thanks to synchronous solutions, according to the Deputy Governor, as of June 30, credit in the entire economy had reached over VND17.2 quadrillion, up 9.9% compared to the end of last year, mainly focusing on priority sectors and production and business. This is also the highest credit growth rate since 2023.
If calculated in absolute numbers, after only half a year, nearly 1.55 million billion VND of outstanding credit balance has been pumped into the economy, equivalent to nearly 260,000 billion VND/month.
Compared to the same period in 2024, this figure increased by 19.32%, also the highest credit growth since 2023.
The credit structure is consistent with the economic structure, meeting the credit needs of people and businesses. Some sectors with a large proportion in the total outstanding credit in the economy continue to grow well, including sectors that contribute to promoting growth.
Outstanding credit balance of the entire system reached 17.2 million billion VND. (Photo: Vietnam+)
According to the State Bank, by the end of May 2025, agricultural and rural credit increased by 5.31% compared to the end of 2024, accounting for 23.16% of the economy's outstanding debt; small and medium enterprise credit increased by 5.71%, accounting for 17.51% of total outstanding debt; export credit (excluding corporate bond investment) increased by 2.91%, accounting for 2.06% of total outstanding debt; supporting industry credit increased by 15.69%, accounting for 3.24% of total outstanding debt of the whole economy...
In recent times, credit institutions have actively disbursed for credit programs under the direction of the Government and the Prime Minister, such as: The credit program for the forestry and fishery sector has increased its scale from VND 15,000 billion to VND 100,000 billion; The credit program supports the linkage of production, processing and consumption of 1 million hectares of high-quality and low-emission rice in the Mekong Delta. It is estimated that by the end of June, the cumulative loan turnover of the Program will reach about VND 5,200 billion.
Some other programs such as: Social housing loans; loans for young people under 35 years old to buy, rent, or hire-purchase social housing, the VND 500,000 billion credit program for businesses investing in infrastructure, digital technology, policy credit programs... are also being actively implemented by credit institutions.
In the remaining months of 2025, Deputy Governor Pham Thanh Ha said, the State Bank will continue to direct credit institutions to reduce operating costs, increase the application of information technology, digital transformation and other solutions to reduce lending interest rates.
As well as continuing to implement credit management solutions in accordance with macroeconomic developments, inflation and the economy's capital absorption capacity to contribute to promoting economic growth.
Along with that, credit institutions are directed to grow credit safely and effectively, directing credit to production and business sectors and priority sectors; and strictly controlling credit in sectors with potential risks./.
According to Vietnamplus
Source: https://www.vietnamplus.vn/trust-surpassed-172-trieu-ty-dong-ngan-hang-bom-von-manh-me-vao-nen-kinh-te-post1048523.vnp
Source: https://baolongan.vn/trust-surpassed-17-2-trieu-ty-dong-ngan-hang-bom-von-manh-me-vao-nen-kinh-te-a198352.html
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