The State Bank of Vietnam (SBV) has decided to proactively increase credit growth targets for banks in 2024 based on the principle of ensuring transparency, according to a notice sent to credit institutions on November 28.

The move is aimed at implementing a direction from the government and the Prime Minister on flexible, effective, and timely credit growth management, meeting credit capital for the economy and supporting production and trade activities, according to the SBV.

It has managed monetary policy in a firm, proactive, flexible and effective manner, in synchronous and close coordination with fiscal and other macro-economic policies and in line with a resolution from the National Assembly and directions from the government and the Prime Minister, in order to control inflation, contributing to maintaining macro-economic stability and supporting economic growth, the SBV said.

It set the annual credit growth target of 15 per cent for the whole banking system in early 2024.

As of November 22, credit in the entire system had grown 11.12 per cent compared to the end of 2023, according to a report from the SBV.