As of the end of 2024, total outstanding consumer credit in Ho Chi Minh City reached approximately VND 1.1 quadrillion (US$43 billion), accounting for 28.2% of the city’s total credit portfolio and marking a 10.4% increase compared to 2023.
According to Mr. Nguyen Duc Lenh, Deputy Director of the State Bank of Vietnam (SBV) Ho Chi Minh City Branch, this strong rebound in consumer credit plays a pivotal role in laying the foundation for further credit expansion in 2025, thereby fostering the city’s economic growth.
In 2023, consumer credit posted the lowest growth rate in recent years, at just 6.9%. However, in 2024, the sector rebounded to a solid 10.4%. Among the various categories, medium- and long-term loans for home purchases, leasing, construction, and renovations dominated, accounting for 61.3% of the total outstanding consumer credit.
Loans for household appliances and furniture purchases surged by 35.9% year-over-year, reaching nearly VND 160 trillion (approx. US$6.3 billion), representing 14.2% of total consumer credit. This reflects a positive shift in consumer behavior and domestic demand, which in turn supports manufacturing, commercial activity, and broader economic expansion.
The development of card services—particularly credit cards—has significantly diversified consumer credit offerings. Outstanding credit card balances rose by 22.8%, now making up 10.4% of total consumer lending. The convenience, service quality, and tailored financial products are seen as key drivers behind the rising adoption of credit cards, especially as financial institutions aim to scale up their retail credit portfolios.
These positive outcomes in the consumer credit landscape—combined with the city’s economic development strategies for 2025—set the stage for continued credit expansion. With a focus on traditional growth drivers, including domestic consumption, the consumer credit segment is expected to remain a crucial engine for Ho Chi Minh City’s economic momentum in the coming year.
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