In 2024, the banking industry has implemented drastic solutions to support economic growth, focusing on promoting credit to production and priority areas.
On the morning of December 14, 2024, the State Bank of Vietnam held a conference to deploy banking tasks in 2025. Deputy Prime Minister Ho Duc Phoc attended and delivered a speech at the conference.
According to information from the State Bank of Vietnam (SBV), credit in the entire economy has grown by 12.5% compared to the end of 2023. This is a remarkable credit growth rate, creating strong momentum for the economy to recover and develop in a context of many difficulties.
Flexible, timely and effective credit policies have helped meet the capital needs of businesses, especially in the fields of production, processing and key industries. The banking sector focuses credit resources on key industries, while strictly controlling areas with high potential risks.
One of the bright spots in the credit management strategy is that the State Bank continues to promote preferential credit programs. These programs not only support production but also target priority areas such as social housing, apartment renovation, agriculture, aquaculture, etc. Commercial banks also actively participate in these programs, helping small and medium enterprises (SMEs) access capital more easily.
In particular, in the context of the global economy still having many fluctuations, the State Bank of Vietnam has flexibly adjusted credit indicators to promptly meet the market's needs. Adjusting credit indicators and supporting credit institutions (CIs) has helped ensure liquidity and financial stability for the economy.
In addition, the State Bank of Vietnam has also requested credit institutions to reduce lending interest rates to support businesses and reduce the burden of financial costs. According to reports from commercial banks, lending interest rates have decreased by about 0.96% compared to the end of 2023, helping businesses reduce borrowing costs, thereby increasing production capacity and expanding business.
As of December 2024, credit has focused on manufacturing and priority sectors such as social housing, construction, agriculture, aquaculture, and high technology. This policy not only helps minimize bad debt risks but also creates momentum for sustainable economic development.
The State Bank of Vietnam also continuously monitors the credit situation closely to ensure safe and effective credit growth, contributing to creating momentum for the economy while limiting risks. These synchronous solutions have helped strengthen the confidence of investors and businesses in Vietnam's financial system.
With strong credit growth in 2024, Vietnam's economy is on the path to recovery and continues to maintain macroeconomic stability. Credit policies will continue to be adjusted flexibly to support businesses, especially in key economic sectors, contributing to boosting growth and improving the quality of life for people.
