ANTD.VN - The credit growth plan for 2024 is 15%, and the State Bank has assigned it entirely to banks on the first working day of 2024 instead of dividing it into many stages like previous years.
The State Bank has just issued Document No. 10167/NHNN-CSTT to credit institutions regarding credit growth in 2024.
Accordingly, the State Bank said that, closely following the Resolution of the National Assembly, the direction of the Government and the Prime Minister, the State Bank targets credit growth in 2024 at about 15% and flexibly adjusts in accordance with developments and actual situations.
To facilitate credit institutions to provide credit capital to meet economic growth needs, the State Bank assigned the entire credit growth target of 15% and required credit institutions to control credit growth in 2024.
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Credit growth target for 2024 is 15% |
The principle of calculating the growth target is prescribed by the formula: Maximum credit balance as of December 31, 2024 = Credit balance as of December 31, 2023 + [Ranking score in 2022 x 3.5% x (credit balance as of December 31, 2023 - credit balance exceeding the credit growth target announced by the State Bank in 2023 (if any))] - Credit balance sales made in 2024 and not yet collected at the time of calculating credit balance (if any).
Also according to the above document, 100% foreign-owned banks and joint venture banks shall control credit growth (including exchange rate adjustment factors) by the end of 2024 not exceeding the above-mentioned credit balance. The remaining credit institutions shall control credit growth (including exchange rate adjustment factors) not exceeding the above-mentioned credit balance throughout 2024.
Outstanding credit balances to control credit growth targets include: lending; discounting, rediscounting of negotiable instruments and other valuable papers; financial leasing; factoring; payments on behalf of individuals and organizations in cases where guaranteed individuals and organizations cannot fulfill their obligations when due; issuing credit cards; purchasing and investing in corporate bonds (excluding bonds of the One Member Limited Liability Company Managing Assets of Credit Institutions of Vietnam); other credit granting operations approved by the State Bank.
The State Bank requires credit institutions to conduct safe credit growth, in accordance with the risk management capacity, liquidity situation and capital mobilization ability of the credit institution, ensuring credit quality, using capital for the right purpose and effectively, limiting the increase and occurrence of bad debts, and ensuring the safety of credit institutions' operations.
It is strictly forbidden to grant credit in violation of legal regulations, to the wrong subjects, to grant credit to the board of directors, executive board and related persons of credit institutions, enterprises in the ecosystem, backyard enterprises... with preferential interest rates while people and enterprises with legitimate and legal needs have difficulty accessing credit capital.
The State Bank also requires credit institutions to continue to maintain stable deposit interest rates and strive to reduce lending interest rates. Regularly review to cut and reduce administrative procedures, simplify credit granting processes and procedures, ensure compliance with legal regulations, create favorable conditions, support businesses and people to access bank credit.
In 2024, the State Bank will closely monitor developments and actual situations to proactively, flexibly, promptly, effectively, scientifically manage credit growth, closely following the situation, thereby supporting the system of credit institutions to ensure adequate supply of credit capital to serve the economy and the safety of the system of credit institutions, associated with promoting priority for economic growth, stabilizing the macro economy, and controlling inflation.
"Based on the assessment of developments and appropriate actual situations, the State Bank will adjust the credit growth target for 2024 and proactively adjust the credit growth target of each credit institution to send to each credit institution, creating conditions for credit institutions to provide sufficient and timely credit capital for the economy," said the State Bank leader.
As of December 27, the industry's credit growth reached 12.26%. This figure is lower than the annual target of 14%-15%, but has also accelerated strongly in the last weeks of the year.
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