Vietnam’s credit growth on track to hit 15% target by year-end
The Governor of the State Bank of Vietnam (SBV) Nguyen Thi Hong has expressed confidence that the country's credit growth is poised to surge in the final months of the year, making the 15% growth target for 2024 entirely achievable.
Credit growth is strong, with the target likely to be achieved (Photo: VietnamPlus)
Hanoi (VNA) – The Governor of the State Bank of Vietnam (SBV) Nguyen Thi Hong has expressed confidence that the country's credit growth is poised to surge in the final months of the year, ma𝔍king the 15% growth target for 2024 entirely achievable.
Data from the SBV revealed that credit growth has already surpassed 9%, marking a 16% year-on-year increase. This robust growth rate, nearly three times the average pace of the earlier months of this year, is seen as a positive signal for the economy.
During a recent Government teleconference with representatives from all 63 localities, Hong reported that as of August 26, credit growth had risen by 6.63%.
Economists are optimistic, predicting that with numerous signs of economic recovery, the demand for credit will surge in the near future.
Dr. Nguyen Duc Do, Deputy Director of the Ministry of Finance’s Institute of Economics and Finance, predicted that credit growth in the coming months will approach the set targets, especially if economic conditions continue to improve. He said pressure on exchange rates will ease, and the SBV may lower its operating interest rates, keeping lending rates low to facilitate borrowing.
Experts noted a slowdown in the trend of rising deposit rates, with only a handful of banks adjusting rates onward in September. This stability in deposit rates suggests that liquidity within the banking system remains relatively abundant, further supporting economic growth.
Economic growth is showing improvements in both supply and demand (Photo: VietnamPlus)
Nguyen Duc Thach Diem, General Director of Sacombank, stressed the need to continue reducing capital costs and lowering lending rates to improve access to capital. She called for the introduction of more preferential credit packages for specific industries as directed by the Government and the SBV.
Additionally, she highlighted the importance of collaborating with industry associations to establish mechanisms that offer preferential products and interest rates, enabling customers to access affordable capital and boost loan growth.
SBV Governor Nguyen Thi Hong believes a 15% credit growth target is feasible (Photo: VietnamPlus)
According to expert Nguyen Tri Hieu, what is needed is a better demand stimulation policy rather than relying solely on fiscal policy. To support economic growth in the upcoming period, fiscal policy should continue to play a leading role, with targeted and focused expansion linked to accelerating public investment disbursement. Regarding monetary policy, it should be proactive and flexible, making it easier for firms to access capital.
SBV Governor Hong also noted that the banking sector has instructed credit institutions to actively review their financial situations and prepare documents for the transfer of two zero-dollar banks. The SBV is also directing relevant units to quickly finalise reports on the remaining two banks for submission to the Prime Minister.
To facilitate the flow of credit, she stressed that since 98% of Vietnamese firms are small and medium-sized, there is a need for evaluations to enhance credit guarantees for them, thereby enabling a smoother flow of credit, she said.
As Vietnam continues to navigate the global economic landscape, the SBV's proactive measures and collaborative efforts with industry associations are set to drive credit growth and support the country's economic ambitions./.
Expanding investments to drive economic growth is a priority in achieving the target of 15% set for this year, said Deputy Governor of the State Bank of Vietnam (SBV) Dao Minh Tu.
Many banks, which used to focus on lending to individual (retail) customers, have had to shift to expanding corporate lending to achieve credit growth in the first half of 2024.
Organised by the Vietnamese Embassy and Trade Office, Vietnam's national booth showcases catalogues and product samples from over 30 Vietnamese companies, spanning key sectors such as agriculture, seafood, food and beverages, footwear, textiles, furniture, plastics, construction materials, and industrial machinery.
The pangasius industry is one of the country’s key foreign currency earners, with an annual export value of around 2 billion USD, accounting for 20% of Vietnam’s total seafood exports. The US remains one of the largest and most strategic markets for Vietnamese pangasius.
A Government Office notice on the Deputy PM’s conclusions at a recent meeting to review construction progress of the plants stressed that accelerating the development of power sources is essential and urgent to ensure energy security and meet the demands of two-digit socio-economic growth in the coming period.
It featured four discussions on key issues such as the Vietnam- Switzerland comprehensive partnership, Vietnam’s international financial centre, digital transformation and innovation, and global human resources and expansion of markets.
With rising protectionist policies for the steel industry, and the US imposing tariffs on steel exports, the sector has entered a challenging period. In response, many industry giants are returning to the domestic market.
As the most significant and high-profile event in the global logistics industry, FIATA World Congress 2025 is expected to gather over 1,200 delegates from more than 150 countries.
According to the State Bank of Vietnam (SBV), in the interbank market, the trend of decreasing overnight interest rates has continued, starting at 3.13% in the first session of last week and gradually decreasing over the sessions to 1.67% at the last session of the week. In total, overnight interest rates decreased by 1.46 percentage points within one week.
Huynh Tan Khanh, Secretary of the Party Committee of Ganh Hao, noted that the town strictly follows anti-IUU fishing directives and has partnered with local agencies to organise six awareness campaigns attended by nearly 500 fishermen. Some 130 boat owners and captains have also signed commitments to follow legal requirements and avoid entering foreign waters.
ChatGPT is not yet a threat to the real estate market as it can handle information quickly and effectively, but it’s here to support, not replace, human advisors.
As Vietnam moves forward, ESG, innovation and digital transformation will change the way businesses grow and how they are evaluated. This journey can’t rely on policy alone. It needs strong leadership, the right technology and, most importantly, skilled people who are ready to build a greener, more competitive economy.
Prime Minister Pham Minh Chinh affirmed that science, technology, innovation, digital transformation, green transition, and circular economy are offering limitless opportunities for bilateral collaboration.
The US remained Vietnam’s largest market, accounting for 55% of the country's total wood exports. Key products include wooden furniture, plywood, doors, and handicrafts.
With a clear development strategy, proactive investment attraction and strong policy support for sustainable agriculture, Tay Ninh is positioning itself as a major hub for high-tech livestock farming in the southern region.
As Vietnam’s largest private carrier, Vietjet has been awarded the highest ranking for safety with 7 stars by the world’s only safety and product rating website airlineratings.com and listed as one of the world's 50 best airlines for healthy financing and operations by Airfinance Journal in many consecutive years.
