Recently, the State Bank of Vietnam (SBV) issued a document to credit institutions stating clearly the credit growth targets and plans for 2024.
Specifically, according to the SBV, closely following the Resolution of the National Assembly and the direction of the Prime Minister, the SBV targets credit growth for 2024 at about 15% and can flexibly adjust to suit developments and actual situations.
The State Bank of Vietnam (SBV) targets a credit growth target of 15% for the banking industry in 2024 (Photo TL)
In addition, the State Bank also requires credit institutions to control credit growth in 2024 with a target credit growth of 15% to facilitate the supply of credit capital for the needs of businesses and people. Thereby promoting stable growth and balanced development of the Vietnamese economy .
According to the State Bank, the formula for calculating the credit growth target is calculated according to the formula: Maximum credit balance as of December 31, 2024 = Credit balance as of December 31, 2023 + [Ranking score in 2022 x 3.5% x (Credit balance as of December 31, 2023 - Credit balance exceeding the credit growth target announced by the State Bank in 2023 (if any))] - Credit balance sales made in 2024 and not yet collected at the time of calculating credit balance (if any).
The State Bank strictly prohibits the granting of credit that is not in accordance with the law, to the wrong subjects, granting credit to leaders, executive boards and related persons of credit institutions, enterprises in the ecosystem, and backyard enterprises with preferential interest rates while people and enterprises with legitimate and legal needs have difficulty accessing credit capital.
The State Bank of Vietnam assigned credit institutions to closely monitor developments and actual situations to promptly and effectively manage credit growth to ensure adequate supply of credit capital to serve the economy, ensure system safety, and promote priority economic growth, stabilize the macro economy, and control inflation.
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