Vietnam posted credit growth in 2023 of nearly 13.5 per cent, Deputy Governor of the State Bank of Vietnam (SBV) Dao Minh Tu told a press conference in Hanoi on January 3.

Growth in December stood at 4.35 per cent.

Director of the Monetary Policy Department at the SBV Pham Chi Quang said strong credit growth was often seen at the end of the year, with a rise in demand leading to a rise in capital demand and credit.

Meanwhile, liquidity capacity in the banking system is currently high, creating the conditions for credit institutions to supply capital to the economy at reasonable lending rates, he said.

The SBV has set a credit growth target of 15 per cent in 2024, with possible adjustments made in line with the development of the macro-economy and inflation rates.