In an online conference of the banking sector, the official also highlighted the imperative of reducing operational costs among the credit institutions, and urged for a reduction in interest rates for loans to citizens and businesses. This directive was accompanied by a call for a balanced management of deposit and loan sources to effectively mitigate credit and liquidity risks.

Central bank takes credit growth as 2024 key task
Central bank takes credit growth as 2024 key task

According to the Governor, the central bank has steadfastly followed the Government and Prime Minister’s directives on prioritising support for growth coupled with macro-economic stability and inflation control since the beginning of this year.

Aligned with the targeted economic growth of around 6-6.5% and inflation of about 4-4.5% set by the National Assembly and the Government, the SBV aims for a credit growth of around 15% this year, subject to adjustments.

As of January 31, deposit and lending rates continued to show a downward trend, indicating a trend in line with the bank's objectives.

Director General of the SBV’s Department of Credit for Economic Sectors Ha Thu Giang said the central bank will direct credit institutions to promote safe and efficient credit growth. This includes channeling credit into priority sectors and growth engines while keeping rigorous control over credit in potentially risky areas.

She also pledged efforts to streamline loan procedures and create favourable conditions for firms and residents to access capital in support of production and daily lives, thereby contributing to curbing loan shark practices.