HCMC – The State Bank of Vietnam (SBV) has increased credit growth quotas for banks in 2024, allowing lenders to expand lending.
This is the second round of credit growth quota expansion this year. Banks that had achieved at least 80% of their annual credit growth targets by August 28 got additional quotas in the previous adjustment round.
The central bank stated that the decision was made as inflation remains under control, with the aim of fostering economic growth and directing lending towards priority sectors. The adjustment is also intended to lower borrowing costs for businesses.
Banks have been instructed to enhance operational efficiency, prioritize system safety, and focus on financing key areas critical to economic development.
The SBV emphasized its commitment to closely monitoring market conditions and adjusting monetary policy as needed to ensure liquidity and sufficient funding for the economy.
As of November 22, credit across Vietnam’s banking system had grown by 11.12% compared to the end of 2023, according to SBV data. The initial target for credit growth in 2024 was set at 15%.
The central bank noted that the move is consistent with government policies aimed at balancing inflation control, macroeconomic stability, and sustainable growth.
