Banking system posts credit growth of 13.5% in 2023
Vietnam’s credit growth reached around 13.5% in 2023 although unprecedented developments of the global economy posed formidable challenges to the country’s monetary policy, Deputy Governor of the State Bank of Vietnam (SBV) Dao Minh Tu said on January 3.
Vietnam's banking system posts credit growth of 13.5% in 2023. (Photo: VNA)
Hanoi (VNA) – Vietnam’s credit growth reached around 13.5% in 2023although unprecedented developments of the global economy posed formidablechallenges to the country’s monetary policy, Deputy Governor of the State Bankof Vietnam (SBV) Dao Minh Tu said on January 3.
According to Tu, the result was spurred by the drastic direction of the PrimeMinister and resolve of the banking sector in the past year.
Earlier, the central bank set a credit growth target for the year at about14-15%, with flexible adjustments in accordance with the actual development soas to stabilise the macro-economy and support economic growth in a rationalfashion.
The SBV rolled out an array of measures, policies and programmes to ensure sufficientcapital for the economy, helping the country achieve the GDP growth rate ofaround 5%, the official stressed.
Focus was sharpened on the completion of legal framework on lending as well as the simplification of lending procedures, the strengthening of the connectivity betweencommercial banks and enterprises across the nation, and the development of special creditprogrammes.
Tu said the central bank has set a credit growthtarget of 15% for the domestic banking system in 2024, with possibleadjustments in line with the development of the macro-economy and inflationrates.
The bank will continue directing credit institutions to prioritise capital forcritical spearheads - investment, consumption and export that drive theeconomic growth, the official said, adding it will strictly control the credit inpotentially risky areas.
Additionally, the central bank willaccelerate the implementation of the national target programmes, createfavourable conditions for businesses and local people to get access to capital,and remove bottlenecks in the expansion of consumer credit so as to combat loansharks./.
Despite deposit interest rates at banks have reached historically low levels, it is premature to anticipate a significant influx of capital from banks into the securities market at this time.
All stakeholders from the Government, ministries, sectors, to banks, people and businesses must join hands together with highest responsibility in promoting national economic growth, ordered Prime Minister Pham Minh Chinh at a conference in Hanoi on December 7 to discuss way to tackle difficulties in credit growth for production and business, and promote economic growth and macro-economic stability.
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Vietnam's banking system posts credit growth of 13.5% in 2023. (Photo: VNA) 
