Vietnam's total loans as of May 25 grew over 6.5 percent from the end of 2016, a local banking official said on Monday.

The growth rate soared 5 percent against the same period of 2016, favoring businesses in prioritized sectors amid modest disbursement of public investment, deputy central bank governor Nguyen Thi Hong said at a press briefing.

Vietnam targets credit growth of 18 percent this year. Last year, loans grew nearly 18.3 percent, according to the central bank.