Credit growth in 2024 will reach 15%

According to Mr. Dao Minh Tu, Deputy Governor of the State Bank of Vietnam, by December 7, 2024, credit growth reached 12.5% ​​and was quite positive compared to the same period in 2023.

Deputy Governor of the State Bank of Vietnam Dao Minh Tu answered at the press conference.

On the afternoon of December 7, at the regular Government press conference in November, answering the question of why credit growth in November was higher than the same period last year and whether the forecast of 15% growth this year will be achieved, Mr. Dao Minh Tu, Deputy Governor of the State Bank of Vietnam (SBV), said that in general, there were difficulties in early 2024, but so far credit growth has been resolved very positively even though there is still 1 month left. This is due to the very positive development of the economy. Credit growth is very in line with the general growth rate, which shows that credit is closely linked to supporting economic growth, ensuring the target of controlling inflation. With the current credit growth rate, inflation control will certainly be achieved.

According to Mr. Tu, by November 29, the economy's credit growth increased by 11.9%, but by December 7, it had reached 12.5%. Thus, the credit growth rate is quite positive compared to the same period in 2023. In 2023, it reached 9%, but now compared to the same period last year, it has reached 12.5%. This proves that in addition to mobilizing capital from commercial banks, the State Bank also has actions to adjust, support liquidity, and support capital for businesses through capital support for commercial banks.

Regarding the reason for the faster increase compared to last year, according to Mr. Tu, it is because the economy has many advantages, achieving many results in many fields, exports are increasing rapidly, businesses are developing again as in previous years when there were difficulties, this is a good thing for the overall development of the economy.

Mr. Tran Van Son chaired the press conference.

“The management of the Central and local governments, especially the management of the Government and the Prime Minister, including both sectoral and macroeconomic economics, fiscal and monetary policies, has been harmoniously and closely combined, helping businesses boldly invest, boldly borrow capital, increasing the capital absorption capacity of the economy. In addition, there are management measures of the State Bank together with ministries, sectors and localities. Right from the beginning of the year, we set a target of 15%. Although due to the impact of storm No. 3, it was also partly affected. If there had been no storm, credit growth would certainly have been higher,” said Mr. Tu.

Mr. Tu also said that resources and mobilized capital are in harmony with interest rates. Output interest rates have decreased quite positively, up to now the average lending interest rate for new loans has decreased by 0.96%. This is the reason why businesses can reduce input costs and borrow more actively. There is a mechanism to extend and postpone debt due to difficulties caused by storms. All of these policy mechanisms will be effective in 2024, helping to remove difficulties and promote production credit and consumer credit.

According to Mr. Tu, even though credit for real estate and securities is tightly controlled to ensure risks, it also creates conditions for this sector to prosper.

“15% is a guideline in management, not a legal target, but it is set for management in the monetary policy of the State Bank. With this speed and the end of the year is usually a very active disbursement time. Therefore, we hope to reach 15% in 2024,” Mr. Tu believes.

Responding further to the above issue, Minister and Head of the Government Office Tran Van Son said that in terms of credit growth in 2024, we have full basis to achieve the set target of 15%.

Source: https://daidoanket.vn/pho-thong-doc-dao-minh-tu-tang-truong-tin-dung-nam-2024-se-dat-duoc-15-10296055.html