Credit growth in 2023 reaches 13.5%

ANTD.VN - By the end of 2023, credit growth will reach about 13.5%, equivalent to the banking industry adding about 1.5 million billion VND to the economy . In 2024, the State Bank sets a credit growth target of 15%.

This is the information given by Deputy Governor of the State Bank Dao Minh Tu at the press conference to deploy the banking sector's tasks in 2024, this morning, January 3, 2024.

Bringing into the economy about 1.5 million billion VND in 2023

The State Bank said that in 2023, the State Bank managed monetary policy to help stabilize the macro-economy, controlling inflation at around 3.2-3.4%. It supported liquidity for credit institutions, stabilized the money and foreign exchange markets, and the State Bank purchased foreign currencies to increase the state's foreign exchange reserves.

Regarding interest rate management, the State Bank has continuously adjusted the operating interest rates down 4 times, with a reduction of 0.5-2.0%/year in the context of world interest rates continuing to increase and anchor at high levels, creating conditions to reduce the market lending interest rate level.

At the same time, direct credit institutions to reduce costs and synchronously apply measures to reduce lending interest rates. To date, deposit and new lending interest rates of commercial banks have decreased by about 2.0%/year compared to the end of 2022.

Flexible exchange rate management, in line with domestic and international situations, contributes to absorbing external shocks, stabilizing the foreign exchange market and limiting large short-term fluctuations in exchange rates, stabilizing currency value; smooth liquidity, and fully meeting legitimate foreign currency needs.

Phó Thống đốc Ngân hàng Nhà nước Đào Minh Tú chủ trì cuộc họp báo sáng nay

Deputy Governor of the State Bank Dao Minh Tu chaired the press conference this morning.

Along with that, many solutions, policies and credit programs have been implemented synchronously and drastically by the State Bank, focusing all resources to ensure sufficient capital supply for the economy, promote economic growth of about 5% (lower than the set target but a high growth rate in the world), support businesses and people to overcome difficulties, restore production and business...

"With the system of synchronous instructions and solutions of the State Bank, by the end of 2023, credit growth will reach about 13.5%, slightly lower than the set target. However, with this growth rate, the banking industry has put about 13.6 million billion VND into the economy, equivalent to adding about 1.5 million billion VND to the economy in 2023, which is not a small number" - Deputy Governor Dao Minh Tu said.

According to the State Bank, the stability and safety of the credit institution system continues to be maintained, and the legitimate rights of depositors are guaranteed. Bad debts are focused on being handled and controlled in the context of economic and business difficulties, affecting the debt repayment capacity of enterprises...

Will control backyard funding

The State Bank said that in 2024, it will actively and flexibly manage credit, in line with macroeconomic developments and inflation, to meet capital needs for the economy. The credit growth target for 2024 is about 15%, with adjustments in line with developments and actual situations, equivalent to adding about 2 million billion VND to the economy.

The Deputy Governor said that he will continue to direct credit institutions to direct credit to production and business sectors, priority sectors and growth drivers (investment, consumption, export) according to the Government 's policy; strictly control credit to potentially risky sectors.

In particular, the State Bank will focus on controlling backyard credit and controlling capital allocation to a number of corporations and enterprises under the direction of the Prime Minister.

Along with that, promoting the expansion of consumer credit in a safe and healthy manner will contribute to limiting "black credit".

Continue to resolutely and effectively implement the Project on restructuring the system of credit institutions associated with bad debt settlement in the period of 2021-2025; focus on effectively implementing the plan to handle weak credit institutions. Direct credit institutions to promote the handling and recovery of bad debts; strive for the ratio of bad debts on the balance sheet (excluding weak commercial banks) to be below 3% by 2024.

At the same time, actively innovate and enhance the effectiveness and efficiency of inspection, examination and supervision of the banking sector; conduct focused and key inspections of areas with potential risks to prevent, detect and strictly handle risks, problems and violations of credit institutions, contributing to ensuring security and discipline in the monetary and banking markets.

Continue to improve the banking legal system to create a synchronous and favorable legal basis for monetary policy management and banking activities. Continue to coordinate with the National Assembly agencies to complete the draft Law on Credit Institutions (amended) to submit to the National Assembly at the nearest session. Develop, submit for promulgation/issue detailed legal documents after the Law on Credit Institutions (amended) is promulgated.

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