Continue to increase credit targets for some credit institutions

The State Bank of Vietnam (SBV) announced an adjustment to increase the credit growth target for 2024 for credit institutions (CIs) according to specific principles, ensuring publicity and transparency.

This increase is based on conditions such as inflation being well controlled below the target set by the National Assembly and the Government; At the same time, implementing the direction of the Government and the Prime Minister on flexible and effective management of the credit market, promptly providing capital for the economy , supporting production and business development.

In fact, since the beginning of 2024, the State Bank has assigned the entire credit growth target (TTTD) to credit institutions of about 15% as set out in Directive No. 01/CT-NHNN dated January 15, 2024. On August 28, 2024, the State Bank proactively issued a document announcing the adjustment of the 2024 TTTD target to credit institutions. By November 22, 2024, credit in the entire system increased by 11.12% compared to the end of 2023. And on November 28, the State Bank continued to increase the credit target for qualified credit institutions.

However, the State Bank also requires credit institutions to resolutely organize and implement solutions on credit activities to improve business efficiency, ensure system safety and stabilize the monetary market; increase credit growth safely and effectively, direct credit to production and business sectors, priority sectors and economic growth drivers according to the policies of the Government and the Prime Minister ; strictly control sectors with potential risks;

Continue to have policies to remove difficulties in accessing credit for businesses and people; Continue to maintain stable deposit interest rates and make more efforts to reduce lending interest rates through cost reduction, simplifying administrative procedures, enhancing the application of information technology, and digital transformation.

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