At the Government Conference with local authorities on January 8, Governor of the State Bank of Vietnam (SBV) Nguyen Thi Hong said that after the incidents and incidents, the banking system has identified many problems and drawn many lessons. From there, the SBV and the drafting agency have included the revised regulations in the revised Law on Credit Institutions in a proactive and early manner. The work of inspection, control, and internal audit of credit institutions; ensuring information security and safety have been enhanced.

“In 2024, after a long time, the State Bank has officially and compulsorily transferred 2 banks (OceanBank and CBBank). As for the 2 banks (GPBank, Dong A Bank), the Government has issued a Resolution, in the next few days the State Bank will issue a decision and organize a transfer ceremony,” said Governor Nguyen Thi Hong.

According to the Governor, 2024 is a year of many difficulties and pressures in monetary policy management. However, monetary policy has contributed to controlling inflation, reducing interest rates, in the context of high international market interest rates, stabilizing exchange rates and the foreign exchange market. Credit for the whole year increased by 15.08%, equal to the target.

In particular, at the end of 2024, the State Bank announced credit growth in 2025 for credit institutions according to the system-wide credit growth target of 16%.

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Monetary policy has contributed to supporting the economic growth target and controlling inflation. Photo: Hoang Ha.

Previously, at the press conference to inform about the banking performance results in 2024 and deploy tasks in 2025 on the afternoon of January 7, Permanent Deputy Governor Dao Minh Tu said that credit growth for the whole year of 2024 was 15.08%, exceeding the set target.

The banking industry's loan turnover for the whole year of 2024 will reach about 23 million billion VND, debt collection turnover will be about 21 million billion VND.

The additional supply to the economy compared to the outstanding debt of 2023 is about 2.1 million billion VND. The current outstanding debt is 15.6 million billion VND (at the end of 2023 it is 13.6 million billion VND). That shows that the proportion of credit capital put into the economy is very high.

The average deposit interest rate in 2024 increased by 0.73%/year compared to the end of 2023, the average lending interest rate decreased by 0.59%/year. Of which, the 4 Big4 banks reduced the average lending interest rate by nearly 1%/year compared to the end of 2023.