Vietnam’s 2024 credit growth reached 15.08% as of December 31, 2024, fulfilling the annual target, Deputy Governor of the State Bank of Vietnam (SBV) Dao Minh Tu told a regular press conference in Hanoi on January 7.

Total credit outstanding in Vietnam’s economy was estimated at VND15.6 quadrillion ($610 billion) last year.

The central bank set a credit growth target of 16% for 2025.

Regarding the restructuring of banks, the deputy governor reported that in 2024, the SBV successfully completed the mandatory transfers of two weak banks, OceanBank and CBBank, to MBBank and Vietcombank, respectively.

For the remaining two weak banks, namely GP Bank and Dong A Bank, the SBV has submitted restructuring plans to the government,  the transfers expected to complete before the Lunar New Year holiday, which falls between January 25 and February 5, 2025.