At the beginning of the year, the State Bank of Vietnam (SBV) set credit growth targets for banks, aiming for about 16% growth for the entire system this year.

According to the SBV's latest data, as of 28/7, system-wide credit growth reached 9.64% compared to the end of 2024. At the same time last year, credit growth was only around 6%.

The SBV announced on 31/7 that it had proactively adjusted and increased credit growth targets for banks, following specific principles to ensure transparency.

SBV leadership instructed credit institutions to strictly follow government directives, improve business efficiency, ensure system safety, and maintain monetary market stability. Credit growth must be safe, efficient, and directed towards production and business sectors, priority areas, and economic growth drivers.

Simultaneously, banks were instructed to maintain stable deposit interest rates and strive to reduce lending interest rates by cutting costs, enhancing IT applications, simplifying administrative procedures, and restructuring their organizations. Banks must also comply with regulations on safety ratios, customer credit limits, debt classification, and risk provisioning. They should strengthen credit risk control, limit bad debts, and monitor pre- and post-lending to ensure credit quality.

Moving forward, the SBV stated it would continue to closely monitor domestic and international market developments, ensuring liquidity support for credit institutions to provide capital and implementing appropriate management solutions promptly.

Quynh Trang