On November 28, the State Bank of Vietnam continued to announce an increase in the credit growth target for 2024 for credit institutions according to specific principles, ensuring publicity and transparency. This additional limit is the initiative of the State Bank of Vietnam without the need for credit institutions to request it.

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By November 22, 2024, system-wide credit will increase by 11.12% compared to the end of 2023. Illustrative photo.

At the same time, the State Bank requires credit institutions to strictly implement the directions of the Government and this agency, resolutely organize the implementation of solutions on credit activities to improve business efficiency, ensure system safety and stabilize the monetary market.

Safe and effective credit growth, directing credit to production and business sectors, priority sectors and economic growth drivers according to the policies of the Government and the Prime Minister; strictly controlling sectors with potential risks.

Credit institutions need to continue to have policies to remove difficulties in accessing credit for businesses and people. Continue to maintain stable deposit interest rates and make more efforts to reduce lending interest rates through cost reduction, simplifying administrative procedures, enhancing the application of information technology, and digital transformation.

In the coming time, the State Bank said it will continue to closely follow domestic and international market developments, be ready to support liquidity to create conditions for credit institutions to provide credit to the economy and promptly have appropriate monetary policy management solutions.

From the beginning of 2024, the State Bank of Vietnam has assigned the entire credit growth target to credit institutions of about 15%, set out in Directive No. 01 dated January 15, 2024.

On August 28, the State Bank of Vietnam proactively issued a document announcing the adjustment of the credit growth target for 2024 for credit institutions. By November 22, 2024, the entire system's credit increased by 11.12% compared to the end of 2023.