According to statistics from the State Bank of Vietnam (SBV), banks lent outstanding loans as of the end of June neared 14.4 quadrillions VND, up 6 per cent against the beginning of 2024.

Banks lend over 18.88 billion USD to economic entities in June. (Ssource: VNA)

The central bank's Deputy Governor Dao Minh Tu affirmed that the sector has rolled out various programs and initiatives to prop up the economy such as the 120-trillion-VND credit package for affordable housing, and the 30-trillion-VND one for the forestry and fishery sector, helping encourage and create motives for enterprises to develop in priority domains.

Credit growth has been on the upward trend, meaning the Government’s tax and fee cut policies and commercial banks’ concessional loans have shown efficacy, he said.

Various economic organizations expect demand for credit will increase in the second half of the year as interest rates are maintained at a low level, contributing to bolstering the economic recovery.

Vietcombank Securities Company has forecast credit for the whole year to grow at 12-13 per cent, with motives of the expansion being robust production activities, export, as well as the acceleration of public investment, particularly in key infrastructure projects.

Meanwhile, MB Securities Joint Stock Company has predicted that credit growth will reach 14 per cent this year, with high demand to be recorded in consumer finance, credit card, and car loans thanks to low interest rates and retail sales recovery.