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The State Bank of Vietnam will adjust credit growth target for credit institutions |
In its press release issued on July 10, the State Bank of Vietnam (SBV) announced this. Moreover, according to the SBV, the credit growth target in 2023 for credit institutions with the delivery rate of the whole system is about 14 percent, instead of expansion as before.
At the beginning of 2023, the State Bank oriented credit growth in 2023 towards around 14 percent to 15 percent with adjustments for the actual situation and based on the economic growth and inflation targets set by the National Assembly and the Government.
Accordingly, with the adjustment of the credit growth target in 2023 for credit institutions, the State Bank requires these institutions to continue effectively implementing the Governor of the State Bank’s Directive 01/CT-NHNN on the key tasks of the banking industry in 2023. moreover, they must focus on implementing solutions to promote safe and effective credit growth and improve credit quality while simultaneously cutting administrative procedures and simplifying and shortening loan processes and procedures.
Explaining the adjustment, the State Bank said that the economic growth in the first 6 months of the year was lower than the scenario. In addition, the State Bank decided to adjust credit growth targets for credit institutions following the request of credit institutions and upon each credit institution’s operational situation, financial capacity, management and ability to expand credit, ensuring liquidity and operational safety of the administrative procedures system.
According to the SBV, as of June 30, the economy's credit balance reached over VND 12.4 trillion (over US$520 million), up 4.73 percent compared to the end of 2022.
