According to data from the State Bank of Vietnam (SBV), the total credit scale of the economy reached over 15.6 quadrillion VND in 2024, an increase of more than 15% compared to the end of 2023. Commercial banks played a significant role in providing credit to the economy, accounting for approximately 92.6% of the total outstanding credit in the system.
Actively pouring capital
“In 2025, based on continuously improving the efficiency of management and operations across all activities, VietinBank will promote the sustainable expansion of its operations, focusing on customer groups in potential areas. The credit growth rate is expected to be maintained at 15-16% compared to 2024, while ensuring debt quality control and operational efficiency,” a representative from VietinBank affirmed.
Meanwhile, Agribank’s General Director Pham Toan Vuong stated that Agribank will continue to fully provide credit products to customers, with a target of increasing outstanding loans by approximately 200 trillion VND in 2025, equivalent to a 13% growth rate.
Similarly, in 2025, MB aims for a 26% credit growth, expecting to exceed VND 1 quadrillion in outstanding loans. According to MB’s General Director Pham Nhu Anh, the bank will allocate at least 50% of its credit growth limit to the retail and small and medium-sized enterprise (SME) segments, while the remaining portion will focus on large enterprises. MB also plans to expand its market share, shift towards retail banking, enhance digital transformation, strengthen risk management, quantify risks, and comprehensively implement ESG principles.
Credit growth in early 2025 has shown more positive signs compared to the same period last year.
Credit growth in early 2025 has shown more positive signs compared to the same period last year. According to the latest report from SBV, as of February 3, 2025, total outstanding credit in the system reached 15.65 quadrillion VND, an increase of 0.19% compared to 2024, which is a notable improvement over the same period in 2024 (when it declined by 0.6%).
Separate mechanism needed
2025 marks the second year that SBV has assigned credit growth targets to banks at the beginning of the year. According to SBV Standing Deputy Governor Dao Minh Tu, an average credit growth of more than 2% contributes to a 1% increase in GDP. In 2025, SBV aims for a credit growth rate of approximately 16% to support an 8% economic growth target. However, if GDP growth reaches 10%, credit growth must be between 18-20%, which means the banking sector would need to inject an additional 2.8 to 3.1 quadrillion VND into the economy.
SBV Governor Nguyen Thi Hong emphasised that the entire banking sector is fully aware that 2025 is a year of acceleration and breakthrough. The key challenge is how to drive economic growth to 8% or higher while keeping inflation under control. The banking sector is committed to making the highest effort and taking full responsibility in implementing suitable policies. According to the governor, credit growth plays an essential role in ensuring economic acceleration and breakthroughs.
The SBV has set a credit growth target of around 16% in 2025, with adjustments based on actual economic conditions. "SBV will closely monitor developments; if inflation remains low, we will consider increasing this target, and vice versa. Credit policies will also focus on key economic growth drivers, including consumer credit and loans for small and medium-sized enterprises," said SBV Governor Nguyen Thi Hong.
Boosting credit requires not only efforts from the banking sector but also coordination and support from various ministries and agencies. For instance, in the case of social housing credit, Governor Nguyen Thi Hong stressed the need for multiple funding sources, particularly from the state budget.
However, boosting credit requires not only efforts from the banking sector but also coordination and support from various ministries and agencies. For instance, in the case of social housing credit, Governor Nguyen Thi Hong stressed the need for multiple funding sources, particularly from the state budget. "In recent times, the banking system has demonstrated great responsibility and humanitarian spirit by voluntarily reducing lending rates. However, the implementation has faced many challenges. To resolve these issues and promote social housing credit, SBV hopes that the Ministry of Construction will collaborate with local authorities to conduct a comprehensive assessment of housing demand — including ownership, rentals, and purchases — so that bank credit can be directed effectively," the governor added.
Additionally, according to Agribank CEO Pham Toan Vuong, with the banking sector's credit growth target set at approximately 16% for 2025, SBV has assigned Agribank a credit growth quota of nearly 13%, equivalent to an increase of over 200 trillion VND. If annual outstanding loans increase by VND 200 trillion, Agribank would need to supplement its capital base by VND 15-17 trillion. Therefore, the CEO proposed that the NA and the Government consider a special mechanism for state-owned commercial banks, including allocating additional charter capital from Agribank’s annual retained earnings — at least 10 trillion VND per year — starting in 2025. This would enable Agribank to fulfil its assigned political tasks and contribute to achieving the projected double-digit GDP growth for the 2026-2030 period.
Meanwhile, Nguyen Thi Phuong Thao, Founder and Permanent Vice Chairwoman of HDBank, suggested that the Government promote capital market development to reduce reliance on bank credit and support long-term growth. Additionally, she proposed timely and proactive support from the Government and SBV in the restructuring process of DongA Bank under the compulsory transfer plan. This would help accelerate its recovery, enhance credit supply, and improve banking services for businesses and individuals.
