The adjustment is based on the latest ranking results according to SBV's Circular 52/2018 on the rating of credit institutions, foreign bank branches, the operation situation of credit institutions in 2022, market changes, and orientation from the beginning of the year in SBV's Directive 01 on the organization and implementation of key tasks of the banking industry in 2022.
According to the SBV, in the coming time, it will continue to carry out Directive 01’s contents, creating favorable conditions for people and businesses to access bank credit and support economic recovery.
From the beginning of 2022, for contribution to the economic growth target of about 6 percent-6.5 percent and the average inflation rate of about 4 percent set by the National Assembly and the Government, in its Directive No. 01, the State Bank continued to administer and assign credit growth targets to each credit institution in line with the orientation of credit growth of the system about 14 percent with adjustments in line with actual developments and situations.
Additionally, SBV also directed credit institutions to grow credit safely and effectively pour money into production and business activities in order of priority according to the Government's policy. Furthermore, SBV will strictly control credit in potentially risky areas as well as create favorable conditions for people and businesses to access bank credit capital.
The State Bank has announced credit growth targets in 2022 for each credit institution based on the ranking results of each credit institution as prescribed in amended and supplemented Circular 52/2018. The State Bank and credit institutions jointly support weak credit institutions, reducing lending interest rates to support businesses and people.
As of August 26, credit increased by 9.91 percent compared to the end of 2021, a high increase compared to the same period in many recent years, in line with economic growth, supporting businesses, and positive economic recovery in recent months. Credit structure focuses on production and business sectors, priority areas, while credit to potential risk areas is strictly controlled, in line with the Directive 01.