Credit within the banking system as of June 14 rose 3.79% against the end of 2023, according to the State Bank of Vietnam (SBV).

The credit growth, however, remains low compared to the target set by the Government at 5% for the first six months of 2024 and 15% for the whole year.

Some credit institutions posted a lower rate than the average growth of the whole banking system. Some banks even suffered a negative growth.

In order to boost credit growth for the remaining months of the year, the central bank identified some key tasks, including managing the monetary policy in a proactive, flexible, timely and effectively manner in collaboration with fiscal policy and other macro-economic policies to contribute to promoting economic growth.

It will soon issue documents guiding the implementation of the 2024 Law on Credit Institutions which will take effective from July 1; while reviewing to amend and supplement some legal documents to remove obstacles for the economy and enhance access to bank credits.

The SBV will direct credit institutions to boost credit growth in a safe and effective manner, meeting capital demand of the economy.

Measures will be taken to effectively implement credit policies and programs following direction from the Government and the Prime Minister, including the credit package worth VND120 trillion ($4.7 billion) for social housing development and the credit program worth VND30 trillion ($1.17 billion) for the forestry and fisheries industries.