State Bank of Vietnam headquarters in Hanoi (Photo: VNA) Hanoi (VNA) - The State Bank of Vietnam hasissued a directive urging credit institutions to accelerate credit growth fromthe early months of 2024, a pivotal step toward propelling economic growth.
Accordingly, credit should be directed toward priority sectors andeconomic engines in line with the Government and Prime Minister's guidelines.Meanwhile, credit in potentially risky areas should be closely controlled, thus ensuring safe and effectivecredit operations.
Creditinstitutions were also urged to review and simplify credit issuance procedures,harness the power of digital transformation in the work, paving the wayfor seamlessaccess to bank capital. By slashing operational costs and striving for reduced lendingrates, they will make it easier for citizensand businesses to tap into financial resources, especiallythrough modern digital sales channels, products and services.
To meet the diverse needs of various customer segments, banks were calledupon to develop a wider range of credit offerings, particularly those alignedwith livelihood support and consumption needs.
Theymust also actively and effectively disseminate full and accurate informationabout their policies, products and services, contributing to realising the nationalcomprehensive financial strategy.
In 2024, the central bank has set acredit growth target of about 15%, applicable to both domestic and foreign bank branches operatingin Vietnam./.
