Hanoi (VNA) - Credit expanded strongly in 2025, exceeding 18.2 quadrillion VND (701.2 billion USD), up 16.56% from late 2024, helping support economic recovery and business development amid global headwinds.
Amid mounting global economic challenges, Vietnam’s credit growth reached a record high in 2025. With nearly a month remaining in the year, outstanding credit had exceeded 18.2 quadrillion VND to the end of November, up 16.56% from end-2024 and surpassing the target of 16% set for the year.
This marks the highest credit growth in the past decade, reflecting Vietnam’s strong economic recovery from the COVID-19 pandemic and global economic headwinds. Credit has not only supported economic growth but also helped enterprises sustain production and business activities toward year-end, when capital demand typically rises. However, the rapid expansion has also raised concerns about challenges in maintaining credit stability and sustainability in the future.
Credit recovery supports economic growth
The strong expansion of credit can be attributed to improving economic indicators. Vietnam’s total import–export turnover has surpassed 800 billion USD, while industrial production continues to post impressive growth. Coupled with rising year-end capital demand, these factors have driven robust credit growth. The final months of the year are typically a peak period for production and business activities, leading to a sharp increase in capital demand.
Nguyen Mai Phuong, Director of InChi Vietnam, said that although lending rates have risen slightly by 0.3 percentage points per year, businesses are still willing to accept the increase to secure timely capital for production.
According to the State Bank of Vietnam, about 78% of total outstanding credit is concentrated in production and business activities, indicating that credit policy is being steered toward key growth drivers such as industry, construction and consumption.
One factor driving strong credit growth is the government’s push to accelerate public investment disbursement, particularly in key sectors.
Dr. Nguyen Quoc Hung, Vice Chairman and General Secretary of the Vietnam Banks’ Association, noted that the strong disbursement of public investment has significantly contributed to credit growth this year. At the same time, the government’s and SBV’s guidance on flexible monetary policy has helped stabilise the macroeconomy and promote economic growth.
According to SBV Deputy Governor Pham Thanh Ha, the Government and the central bank have worked closely to maintain macroeconomic stability, control inflation, and support growth. The GDP growth for 2025 is projected at 8.5%, while inflation remains moderate, with the average CPI for the first 11 months at 3.29%, below the 4.5–5% target.
Notably, the banks also showed good business performance. Major lenders like BIDV and Agribank reported high pre-tax profits, with BIDV posting over 29 trillion VND, up 16% year-on-year. BIDV’s outstanding credit reached nearly 2.3 quadrillion VND, growing 13.7% and expected to rise 15–16% in 2025. Agribank also reported 13% credit growth compared to 2024.
Ensuring sustainable credit growth
However, liquidity pressures in the banking system are rising, especially as the loan-to-deposit ratio (LDR) of some major banks approaches the regulatory ceiling. Tight liquidity has forced banks to raise both deposit and lending rates, increasing year-end funding costs. By the end of September, the gap between deposits and outstanding credit reached 1.6 quadrillion VND and is projected to rise to 2 quadrillion VND by the end of 2025.
Although credit is growing strongly, experts underlined the need for measures to ensure stability and sustainability.
Hung noted that the SBV will continue to manage credit flexibly, expanding lending “room” for banks that meet safety indicators under Basel II and Basel III standards./.
