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Banco Estado adjusts credit growth target

Banco Estado adjusts credit growth target

According to a representative of the State Bank of Vietnam (SBV), from the beginning of the year until now, the SBV has managed to maintain ample liquidity, is ready to provide capital for economic recovery and development, and has been continuously adjusted downward. 4 times the operating interest rate, issued a circular to restructure the repayment term and keep the debt group unchanged, create conditions for clients to continue rotating capital and access new loans, directing credit institutions to the credit institutions) review and simplify loan procedures.

The management of monetary policy has contributed to creating favorable conditions for accessing bank credit capital, controlling inflation, maintaining abundant liquidity, and stabilizing the monetary and exchange markets. By June 30, 2023, the economy’s credit balance reached more than VND 12.4 billion, an increase of 4.73% compared to the end of 2022.

From the beginning of 2023, based on the inflation and economic growth targets set by the National Assembly, the Government and the State Bank of Vietnam credit growth around 14-15% in 2023, with appropriate adjustments to the current situation.

In the context that economic growth in the first 6 months of the year was lower than the proposed scenario, the economy’s capital sources faced difficulties, following the direction of the Government and the Prime Minister to eliminate difficulties for business production, stability macroeconomics, growth promotion; Parallel to the synchronous implementation of other monetary policy solutions and tools, the State Bank adjusted the targets credit growth that credit institutions provide more credit capital to meet the needs of the economy in a timely manner, but that they are not subject to inflation risks.

The adjustment of the credit growth goals for the credit institutions is carried out by the State Bank based on the request of the credit institutions, the operating situation, the financial capacity, the management and the capacity to expand the credit with health of each credit institution, ensuring liquidity and operational security. of the system of credit institutions.

Consequently, on July 10, the SBV adjusted the 2023 loan growth target for lending institutions with a system-wide allocation of around 14%.

The State Bank requires credit institutions to: Continue with the serious and effective implementation of Directive 01/CT-NHNN of January 17, 2023 of the Governor of the State Bank on key tasks of the banking industry in 2023; Focus on strongly and drastically implementing solutions to promote safe and effective credit growth, improve credit quality, direct credit to productive and business fields, priority fields and other growth activities in line with Government policy, timely satisfying the capital needs of individuals and businesses. Strengthen the review, reduce administrative procedures, simplify and shorten loan processes and procedures, ensure compliance with legal regulations to create favorable conditions for customers to access bank credit, thus actively supporting companies and individuals to restore the production and business, guarantee the security of credit operations. institutions…

In the future, the SBV will continue to closely follow the evolution of the national and international market, be ready to support liquidity and create the conditions for credit institutions to provide credit to the economy, and at the same time monitor and review the situation of the credit growth of the entire system in the last months of the year to have adequate management solutions.

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