Continue to increase credit quotas for some credit institutions.

The State Bank of Vietnam (SBV) has announced an upward adjustment to the 2024 credit growth target for credit institutions, based on specific principles that ensure transparency and openness.

This increase by the State Bank of Vietnam is based on conditions such as inflation being well controlled below the target set by the National Assembly and the Government; and simultaneously implementing the Government and Prime Minister's directives on managing credit flexibly, effectively, and promptly to meet capital needs for the economy and support production and business development.

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In fact, from the beginning of 2024, the State Bank of Vietnam (SBV) assigned the entire credit growth target of approximately 15% to credit institutions as set out in Directive No. 01/CT-NHNN dated January 15, 2024. On August 28, 2024, the SBV proactively issued a document notifying the adjustment of the 2024 credit growth target for credit institutions. By November 22, 2024, credit across the entire system had increased by 11.12% compared to the end of 2023. And on November 28, the SBV further increased the credit target for eligible credit institutions.

However, the State Bank of Vietnam also requires credit institutions to resolutely implement solutions regarding credit operations to improve business efficiency, ensure system safety and stabilize the monetary market; to promote safe and effective credit growth, directing credit towards production and business sectors, priority sectors and economic growth drivers in accordance with the policies of the Government and the Prime Minister ; and to strictly control areas with potential risks.

Continue implementing policies to remove obstacles in accessing credit for businesses and individuals; continue maintaining stable deposit interest rates and make further efforts to reduce lending interest rates through cost reduction, simplification of administrative procedures, increased application of information technology, and digital transformation.

Source: https://baoquangninh.vn/tiep-tuc-tang-chi-tieu-tin-dung-cho-mot-so-to-chuc-tin-dung-3332187.html