Credit target increased by 1.5-2%

As the situation of external influences eases and the liquidity of the credit institution system improves, State Bank of Vietnam, on December 5, decided to adjust the credit target for 2022 by about 1 percentage point to be at 1.5 - 2% for the whole system of credit institutions.

According to the State Bank of Vietnam, the principle of increasing credit targets is in the direction that credit institutions have better liquidity and lower interest rates will lead to higher credit growth. The State Bank Governor requires credit institutions to balance appropriate capital to grant credit loans, to concentrate capital resources on production and business fields, especially prioritized fields of agriculture and rural development, export, small and medium enterprises, supporting industries among others.

Credit expansion goes hand in hand with term risk control to ensure liquidity, operational safety, and solvency for businesses and people, especially during the upcoming Lunar New Year. The State Bank closely monitors the situation for solutions to support liquidity in a timely manner through cthannels, in case of need, and supports with longer terms, including extending the deadline through the Lunar New Year so that credit institutions can feel more secure on granting credit loans.

Reported by Truc Huynh – Translated by Vi Bao

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