The State Bank of Vietnam (SBV) has set a credit growth target of 14-15 per cent for 2023 as part of key tasks for the banking sector this year.

Under a decree issued recently by the SBV Governor, the banking sector will focus on seven key tasks this year.

Firstly, managing monetary policy firmly, proactively, flexibly, and effectively in connection with fiscal policy and other macro-economic policies in order to control inflation at about 4.5 per cent, contributing to stabilizing the macro-economy and supporting economic growth. Credit growth in 2023 is expected at 14-15 per cent and can be adjusted depending on the actual situation.

Secondly, reasonably controlling credit growth to help limit inflation and support economic development. Credit is to prioritize production and trading activities and sectors that are growth drivers.

Thirdly, resolutely implementing the master plan on restructuring credit institutions in connection with handling bad debts during the 2021-2025 period.

Fourthly, promoting cashless payments and digital transformation in banking operations while ensuring security and safety.

Fifthly, focusing on building and completing related mechanisms and policies and improving the efficiency and effectiveness of management tasks and law enforcement in banking operations.

Sixthly, simplifying administrative procedures and improving the business and investment environment to create the best possible conditions for businesses and individuals.

And finally, continuing to effectively implement the Development Strategy of the Vietnam Banking Sector by 2025 and Vision to 2030.