SGGP
On June 5, Mr. Nguyen Duc Lenh, Deputy Director of the State Bank of Vietnam, Ho Chi Minh City branch, said that credit in Ho Chi Minh City in the first 5 months of 2023 is estimated to increase by about 2.43% compared to the end of 2022, lower than the national rate of 3.17%. Credit in the first 5 months of the year decreased sharply compared to the same period in 2022 and 2021 (at 8.8% and 4.76%, respectively).
Credit in the first 5 months of Ho Chi Minh City focused mainly on the production and business sectors and industry groups that are the driving forces of economic growth. According to Mr. Nguyen Duc Lenh, economic growth and production and business activities of enterprises, and difficulties in the markets are the main factors leading to low credit growth in the first 5 months of the year in Ho Chi Minh City. However, with positive changes in the economy in general and Ho Chi Minh City's economy in particular in the second quarter of 2023, it will be an important factor that directly affects credit growth in the coming time. Accordingly, credit promotes economic growth, and vice versa, economic growth is the environment and favorable conditions for credit expansion and growth.
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