Vietnam is likely to fulfill the 2024 credit growth target of 15%, Deputy Governor of the State Bank of Vietnam (SBV) Dao Minh Tu told the Government’s regular press conference in Hanoi on December 7.

Credit growth reached 12.5% as of December 7, marking a significant improvement from the same period last year, when credit growth had stood at just 9%, he said.

Total credit outstanding in Vietnam’s economy was estimated at VND15.3 quadrillion (nearly $603 billion) this year.

The credit growth was attributed to strong export growth, recovery of business operations, favorable investment environment and the government's coordinated efforts across macroeconomic, financial, and monetary policies, according to the SBV leader.