Customers transact at BAOVIET Bank Dak Lak branch. Photo: Tran Viet/VNA

Accordingly, credit institutions need to resolutely implement appropriate and targeted credit growth solutions right from the beginning of the year, promptly meet the economy 's credit capital needs, 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 credit for sectors with potential risks, ensuring safe and effective credit activities.

The document also requires credit institutions to strengthen the review and simplification of credit granting processes and procedures, optimize the application of digital transformation in the credit granting process, reduce costs to strive to reduce lending interest rates; create favorable conditions for people and businesses to access bank credit capital, especially through digitalized sales channels, products and services.

Along with that, diversify banking credit products and services to suit each customer segment and market, type, production and business needs of people and enterprises, especially legitimate and legal borrowing needs to serve people's lives and consumption. In addition, proactively and actively communicate promptly, clearly, fully and accurately about the policies, products and services of credit institutions to help people and enterprises understand clearly and thereby contribute to promoting the National Financial Inclusion Strategy.

In 2024, the State Bank of Vietnam assigned a credit growth target of about 15% to credit institutions and foreign bank branches so that credit institutions can proactively and drastically increase credit growth and implement solutions to meet the capital needs of businesses and people, contributing to supporting economic growth.


VNA