Accordingly, credit should be directed toward priority sectors and economic engines in line with the Government and Prime Minister's guidelines. Meanwhile, credit in potentially risky areas should be closely controlled, thus ensuring safe and effective credit operations.

State Bank of Vietnam headquarters in Hanoi.

Credit institutions were also urged to review and simplify credit issuance procedures, harness the power of digital transformation in the work, paving the way for seamless access to bank capital. By slashing operational costs and striving for reduced lending rates, they will make it easier for citizens and businesses to tap into financial resources, especially through modern digital sales channels, products and services.

To meet the diverse needs of various customer segments, banks were called upon to develop a wider range of credit offerings, particularly those aligned with livelihood support and consumption needs.

They must also actively and effectively disseminate full and accurate information about their policies, products and services, contributing to realising the national comprehensive financial strategy.

In 2024, the central bank has set a credit growth target of about 15%, applicable to both domestic and foreign bank branches operating in Vietnam.

Capital to be prioritised for spearhead sectors: central bank

The State Bank of Vietnam (SBV) will improve credit quality and prioritise capital for spearhead sectors that drive the economic growth in 2024.

120 trillion VND credit package: Project developers, banks find common ground

BAC GIANG - In order to remove difficulties for and promote the safe, healthy and sustainable development of the real estate market, on March 11, 2023, the Prime Minister issued Resolution 33/NQ-CP, featuring a preferential credit package worth about 120 trillion VND ($4.97 billion). 

Capital mobilization of commercial banks up 17 trillion VND

BAC GIANG- According to the provincial State Bank, the commercial banks in the province have mobilized nearly 103 trillion VND (4.24 billion USD), up 17 trillion VND (700 million USD) compared to 31 December last year.

Central bank to accelerate disbursement of social housing loan package: governor

The State Bank of Vietnam will step up the information work to further popularize the social housing loan package among the public given its sluggish disbursement, Governor Nguyen Thi Hong said Monday.

Bank deposits grow despite lower interest rates

Individual bank deposits grew 9.7% in the first 8 months of this year despite decreased interest rates, as the unattractive stock and real estate markets left few investment options.

Source: VNA