State Bank targets 16% credit growth

The State Bank targets 16% credit growth to serve the 8% economic growth target.

On the afternoon of February 5, at the regular Government press conference in February, answering questions about the monetary policy of the State Bank of Vietnam (SBV) in 2025 for the target of GDP growth of 8% or more of the economy in 2025, SBV Deputy Governor Dao Minh Tu said that to have growth, there must be investment, and to have investment, there must be capital.

Scene of the regular Government press conference in February. (Photo: Viet Thang)

Accordingly, in 2023, GDP growth will be nearly 7%, while credit growth will be 14.55%. In 2024, GDP growth will be 7.09%, while credit growth will be 15.08%. On average, more than 2% credit growth will help increase GDP growth by 1%.

“This year, the State Bank of Vietnam sets 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%,” said Mr. Tu.

Mr. Tu emphasized the issue of 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 heavily on the credit and monetary policy in 2025.

Mr. Tu also informed that by the end of 2023, the total outstanding debt will be about 13.4 million billion VND, and by the end of 2024, it will be 15.5 million billion VND. Thus, in 2024 alone, we will inject about 2.1 million billion VND into the economy. In total, in 2024, the loan turnover will be 23 million billion VND, the debt collection turnover will be 21 million billion VND to achieve 7.09% GDP growth.

Regarding the monetary policy orientation for the 8% growth target, Mr. Tu emphasized the need to control inflation and stabilize the value of money. Next, it is necessary to actively support growth and ensure major balances of the economy. With this goal, monetary policy will continue to be operated flexibly and closely, in accordance with fiscal policy, import-export policy, and trade policy.

Source: https://daidoanket.vn/ngan-hang-nha-nuoc-dat-muc-tieu-tang-truong-tin-dung-16-10300975.html