The State Bank of Vietnam has issued a directive urging credit institutions to accelerate credit growth from the early months of 2024, a pivotal step toward propelling economic growth.
Accordingly, credit should be directed toward priority sectors and economic engines in line with the Government and Prime Minister's guidelines. Meanwhile, credit in potentially risky areas should be closely controlled, thus ensuring safe and effective credit operations.
Credit institutions were also urged to review and simplify credit issuance procedures, harness the power of digital transformation in the work, paving the way for seamless access to bank capital. By slashing operational costs and striving for reduced lending rates, they will make it easier for citizens and businesses to tap into financial resources, especially through modern digital sales channels, products and services.
To meet the diverse needs of various customer segments, banks were called upon to develop a wider range of credit offerings, particularly those aligned with livelihood support and consumption needs.
They must also actively and effectively disseminate full and accurate information about their policies, products and services, contributing to realising the national comprehensive financial strategy.
In 2024, the central bank has set a credit growth target of about 15%, applicable to both domestic and foreign bank branches operating in Vietnam.
