The banking system's credit growth had risen by 11.12% as of November 22 compared to the end of 2023, hence the 15% growth target for the whole year is reachable, according to the State Bank of Vietnam (SBV).
Prime Minister Pham Minh Chinh on November 27 ordered the Governor of the State Bank of Vietnam (SBV) to outline solutions aimed at improving credit management for 2024 in the face of evolving global economic challenges.
The HCM City Open University on Tuesday held its annual opening ceremony to welcome the new year’s batch of students arriving for its joint training programmes with Australian universities.
Vietnam needs to establish a specific roadmap for the transition to green energy as well as design and manage the emissions trading system toward the official operation of the carbon market in 2028, according to experts.
Prime Minister Phạm Minh Chính has said we must "breathe life into the rice plants," instilling new vitality in the rice industry through digital technology, green development, circular economy, and innovation.
Another obstacle is the lack of clear incentives for farmers to adopt low-emission farming methods. Without specific policies encouraging these changes, many farmers remain reluctant to abandon traditional high-emission practices.
The Ho Chi Minh City Development Joint Stock Commercial Bank (HDBank – HOSE: HDB) and Proparco, a French development finance institution, have signed a credit facility worth US$50 million in HCM City on September 16.
Real estate is a major factor in credit growth, particularly the demand for home loans. Home loans are still slow over the first seven months of the year even though many banks have been offering very competitive interest rates.
After ten years, the total credit for the Vietnam Bank for Social Policies has surpassed VNĐ373 trillion, while outstanding debt has reached nearly VNĐ351 trillion, helping more than 3.1 million households escape poverty, and over 4.2 million people get jobs.
In 2023, Việt Nam earned over US$50 million by transferring more than 10 million carbon credits, prompting efforts to develop the legal framework and address the need for both the quality and quantity of human resources in this growing market, experts discussed at a conference in HCM City.
Total assets of the Vietnamese credit institution system by the end of June 2024 reached more than VND21.07 quadrillion, an increase of 4.97% compared to the end of 2023, the State Bank of Vietnam (SBV)’s latest data show.
The Government is considering implementation of a state-funded credit package worth VNĐ30 trillion (US$1.2 billion) for social housing to replace the current ineffective package.
Credit growth in June 2024 exceeded the total credit growth of the first five months. If this growth rate is maintained, achieving a 15 percent credit growth target for the entire year of 2024 is a possible goal.
As of June 30, credit expanded 6% compared to the end of 2023 while total outstanding loans approximated VND14.4 quadrillion (US$563.3 billion), a positive signal showing this year's credit growth target of 14 - 15% is within reach, experts said.
Credit growth has accelerating since the beginning of June, signaling that the 15% growth target is achievable, if the rate is maintained in the remaining months of this year.
While credit growth remains sluggish, the recent increase in deposit rates across the banking sector has raised concerns among businesses and market observers for fear of lending rates following suit.
In the context of the low capital absorption rate of businesses and the entire economy, the transformation of the real estate market in recent months and the growth of real estate credit have boosted credit growth in Ho Chi Minh City.
As of June 14, credit growth has reached 3.79% compared to the end of last year, marking a bright spot for the banking sector, according to the central bank.
