Banks pumped more than 2.1 quadrillion VND into the economy in 2024

ANTD.VN - Credit increased by 15.08% in 2024, achieving the target set by the State Bank at the beginning of the year (15%), equivalent to more than 2.1 million billion VND injected into the economy .

The above information was provided by Deputy Governor of the State Bank Dao Minh Tu at the Press Conference on Information on Banking Performance Results in 2024 and Implementation of Tasks in 2025, this afternoon (January 7).

State Bank press conference afternoon of January 7

According to Deputy Governor Dao Minh Tu, in 2024, the State Bank has assigned all credit growth targets for 2024 to credit institutions from December 31, 2023 and publicly announced the determination principles so that credit institutions can proactively implement credit growth.

In 2024, the State Bank will proactively adjust the credit growth target for credit institutions twice on August 28, 2024 and November 28, 2024 according to specific principles, ensuring publicity and transparency in the condition that inflation is well controlled below the target level and to promptly provide capital for the economy, supporting production and business development.

At the same time, the State Bank continues to implement the policy of the National Assembly and the Government on researching and gradually removing measures to assign credit growth targets.

The State Bank also requires credit institutions to strictly implement instructions on monetary and credit activities, regulations on credit granting to improve business efficiency, ensure system safety and stabilize the monetary market; increase credit growth safely, effectively and healthily, limit the increase and occurrence of bad debts, ensure the safety of credit institutions' operations; direct credit to production sectors, priority sectors, sectors that are the driving force of economic growth according to the policies of the Government and the Prime Minister .

At the same time, strictly control areas with potential risks; continue to maintain 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.

With the above synchronous solutions, as of December 31, 2024, economic credit will increase by about 15.08% compared to the end of 2023, reaching a scale of 15.6 million billion VND, equivalent to more than 2.1 million VND pumped into the economy by banks.

Regarding interest rates, the Deputy Governor said that last year the State Bank had carefully studied and decided not to adjust interest rates in order to maintain stability and harmony between deposit interest rates and lending interest rates. However, the State Bank still encouraged banks to reduce costs to support the reduction of lending interest rates. In the past, some banks have increased deposit interest rates, but the State Bank assessed that they were still under control and had not created an imbalance or required major changes in policy.

Regarding exchange rates, Vietnam is under great pressure due to the openness of the economy, along with factors such as economic policies of major countries, fluctuations in the USD, geopolitical fluctuations and import-export situations. During the year, the USD exchange rate increased by more than 7% at times, but this was still a smaller increase than many countries. Vietnam is still considered one of the countries with stable exchange rates.

"At the end of the year, the exchange rate increased by about 5.03%, which we consider to be a harmonious level, ensuring that businesses and investors do not worry, have a speculative mentality and hoard USD," said the Deputy Governor.

In 2025, the State Bank of Vietnam (SBV) aims to increase credit by 16%. Deputy Governor Dao Minh Tu shared that the banking sector hopes that the economy will receive many other sources of capital (corporate bonds, private capital, budget...) to reduce pressure on credit.

“However, the banking sector also identifies its responsibility to achieve the Government’s GDP growth target (GDP growth of at least 8%). Of course, the figure of 16% is only an indicative target, the State Bank can adjust it depending on the actual situation on the basis of stabilizing the value of the currency, exchange rate and supporting growth,” said the Deputy Governor.

Source: https://www.anninhthudo.vn/cac-ngan-hang-da-bom-ra-nen-kinh-te-hon-21-trieu-ty-dong-trong-nam-2024-post600574.antd