(PLVN) - The State Bank of Vietnam (SBV) ensures capital sources for the economy on the basis of promoting mobilized capital and idle capital for the economy with a reasonable interest rate policy. In addition, if necessary, the SBV will use management tools in capital supply, re-lending, etc.
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| Permanent Deputy Governor of the State Bank of Vietnam Dao Minh Tu informed at the regular Government press conference in January 2025. (Photo: State Bank of Vietnam) |
(PLVN) - The State Bank of Vietnam (SBV) ensures capital sources for the economy on the basis of promoting mobilized capital and idle capital for the economy with a reasonable interest rate policy. In addition, if necessary, the SBV will use management tools in capital supply, re-lending, etc.
On February 5, 2025, at the regular Government press conference in January 2025, Permanent Deputy Governor of the State Bank of Vietnam Dao Minh Tu said that in many years, the credit growth rate has often been twice as high as GDP growth, such as in 2023, GDP grew by nearly 7%, credit growth was at 14.55%; in 2024, GDP grew by 7.09%, credit growth was 15.08%. Therefore, in 2025, the State Bank of Vietnam set a credit growth target of about 16% for the economic growth target of 8%. If economic growth reaches 10%, credit growth must be at 18-20%.
“The issue is how to have enough capital to serve economic growth, especially in the context that medium and long-term capital mobilization channels such as stocks and bonds still have issues that need to be strengthened. The responsibility will be placed on monetary and credit policies in 2025,” Deputy Governor Dao Minh Tu emphasized.
In 2025, the State Bank has set out its management viewpoint to both achieve the target of controlling inflation, stabilizing the value of the currency, actively supporting economic growth and ensuring the major balance of the economy. With that viewpoint and goal, together with previous experiences and lessons, this year's monetary policy management continues to be flexible, tight and consistent with fiscal policy as well as other macroeconomic policies such as import-export policy, trade policy, etc.
More specifically, the State Bank needs to ensure capital sources for the economy on the basis of promoting mobilized capital and idle capital for the economy from businesses and people. And have a reasonable interest rate policy to mobilize this capital source. In case investment capital is needed to meet the demand, the State Bank will use management tools in capital supply, re-capitalization or appropriate forms through monetary market operations.
Regarding interest rates, the State Bank continues to operate interest rates stably to ensure they are consistent with the general interest rates of the economy as well as other macroeconomic indicators; At the same time, it directs commercial banks to continue to reduce lending interest rates by cutting costs, applying digital technology to reduce costs, and supporting interest rates for businesses and people.
Notably, Deputy Governor Dao Minh Tu said that in managing credit limits, in 2025, the SBV expects the credit growth of the whole system to be about 16%, but it could be higher if inflation and macroeconomic indicators are still controlled and the growth target is achieved. Regarding the method of managing credit limits, in 2024, the SBV innovated and in 2025 the SBV will continue to innovate, creating favorable conditions and being proactive for commercial banks. The SBV will control and ensure the overall credit growth of the economy.
Accordingly, in order to facilitate credit institutions (CIs) to provide credit capital to meet economic growth needs, on December 30, 2024, the State Bank of Vietnam (SBV) sent a document to CIs to publicly and transparently announce the principles of credit growth allocation in 2025 for CIs to proactively implement. At the same time, the SBV continues to implement the roadmap to limit and eventually eliminate the management of credit growth targets for each CI according to Resolution No. 62/2022/QH15 dated June 16, 2022 of the National Assembly.
In addition, in the foreign exchange market, the State Bank continues to operate proactively and flexibly, "neutralizing" the impacts from the world market, maintaining a stable foreign exchange market. Since the beginning of the year, despite the adverse impacts on the economy and the foreign exchange market, the State Bank has been proactive in operating. From mid-January until now, the market has generally returned to a positive state.
In addition, according to the Deputy Governor, policies related to debt restructuring, debt deferral, etc. will also be used reasonably, not abused, but there will continue to be support policies for businesses, especially those facing difficulties during the recent storm No. 3. Along with that, other preferential credit policies and low interest rates will be actively implemented under the direction of the Government and the Prime Minister.
According to the State Bank of Vietnam, by the end of 2023, the total outstanding credit balance of the economy will be about 13.4 million billion VND, and by the end of 2024, it will be about 15.5 million billion VND. Thus, in 2024 alone, the banking system will have provided the economy with an additional outstanding loan capital of about 2.1 million billion VND. In total, in 2024, the loan turnover will be about 23 million billion VND, the debt collection turnover will be about 21 million billion VND to achieve 7.09% GDP growth.
Source: https://baophapluat.vn/bao-dam-cap-du-von-cho-muc-tieu-tang-truong-nam-2025-post539202.html
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