The State Bank of Vietnam (SBV) has just announced the adjustment of the credit growth target assigned to the entire banking system to implement this year at 14%.
Specifically, the SBV said that from the beginning of 2023, based on the economic growth and inflation targets of the National Assembly and the Government, the SBV targets credit growth in 2023 at about 14-15%, with appropriate adjustments according to the actual situation.
The State Bank has just announced an adjustment of the 2023 credit growth target for credit institutions to a system-wide level of about 14%, lower than the target of 14%-15% set at the beginning of the year. Illustrative photo
In the context of economic growth in the first 6 months of the year being lower than the proposed scenario, economic capital sources facing difficulties, implementing the direction of the Government and the Prime Minister in removing difficulties for production and business, stabilizing the macro-economy, promoting growth; in parallel with the synchronous implementation of other monetary policy solutions and tools, the State Bank adjusted the credit growth target for credit institutions and credit institutions to provide more credit capital to promptly meet the needs of the economy but not subjective to inflation risks.
The adjustment of credit growth targets for credit institutions is carried out by the State Bank based on the proposals of credit institutions, the operational situation, financial capacity, governance and ability to expand healthy credit of each credit institution, ensuring liquidity and operational safety of the credit institution system.
“Accordingly, on July 10, 2023, the State Bank adjusted the credit growth target for 2023 for credit institutions to a system-wide level of about 14%,” the State Bank said.
The State Bank of Vietnam requests credit institutions to continue to seriously and effectively implement Directive 01/CT-NHNN dated January 17, 2023 of the Governor of the State Bank of Vietnam on key tasks of the banking sector in 2023; focus on strongly and drastically implementing solutions to promote safe and effective credit growth, improve credit quality, direct credit to production and business sectors, priority sectors and growth drivers according to the Government 's policy, promptly meet the capital needs of people and businesses.
At the same time, credit institutions need to strengthen the review, cut administrative procedures, simplify and shorten lending processes and procedures, ensure compliance with legal regulations to create favorable conditions for customers to access bank credit, thereby actively supporting businesses and people to restore production and business, ensuring the safe operations of credit institutions...
In the coming time, the State Bank will continue to closely follow domestic and international market developments, be ready to support liquidity to create conditions for credit institutions to provide credit to the economy, and at the same time monitor and review the credit growth situation of the entire system in the last months of the year to have appropriate management solutions.
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