By the end of October 2024, the total outstanding consumer credit balance in Ho Chi Minh City reached more than 1 million billion VND, an increase of 6.3% compared to the end of 2023 and 12% over the same period.

By the end of October 2024, the total outstanding consumer credit balance in Ho Chi Minh City reached more than 1 million billion VND, an increase of 6.3% compared to the end of 2023 and 12% compared to the same period last year. Of which, credit for buying, building, repairing houses and receiving land use rights transfers accounted for the highest proportion, with 660,000 billion VND, equivalent to 61.7% of the total outstanding balance.

According to the State Bank of Vietnam, Ho Chi Minh City branch, the credit group serving daily life, including loans to buy household appliances and equipment, reached more than VND145,000 billion, accounting for 13.6% of total consumer credit, up 25% compared to the end of last year and up 46.5% compared to the same period last year.

The demand for consumer credit is growing in line with the economic recovery. In particular, the group of credit for home purchase had the highest growth rate in October 2024, increasing by 1.3% compared to the previous month. Factors such as the demand for loans to buy household appliances and utilities from credit cards not only support people’s lives but also play an important role in preventing black credit. The growth of consumer credit not only serves the needs of life but also contributes to the strong development of Ho Chi Minh City’s economy.

With the huge room for consumer credit growth, according to the State Bank, this activity will continue to contribute significantly to the city’s economic growth in the final months of the year. These positive signals show the stability and long-term development potential of the consumer credit market in Ho Chi Minh City, especially in the context of constantly increasing demand for housing and personal consumption.