In the context of less adverse external impacts and improved liquidity of the credit institution system, on December 5, 2022 the State Bank of Vietnam (SBV) decided to adjust the credit growth targets for 2022 with a further increase of 1.5%-2% for the whole system of credit institutions.
The principle of increasing the credit growth targets for the credit institutions is in the direction that the credit institutions with better liquidity and lower interest rates would be allowed to have higher credit targets.
The SBV Governor also requested the credit institutions to balance their capital for the new credit extension, focusing on production and business operations, especially in the priority fields such as agriculture, exports, SMEs, support industries, etc., in line with the Government’s and the Prime Minister’s directions.
The credit extension needs to be in parallel with the risk management in order to ensure stable liquidity, safe and sound operations, and solvency of the borrowing enterprises and individuals, especially on the occasion of the Tet holidays. The SBV Governor has further requested the SBV entities to closely monitor the situation and developments to conduct timely measures of supporting the liquidity through appropriate channels.
These are flexible measures in the current situation. In the coming time, the SBV would closely monitor the forecast and the inflation developments to adjust the credit growth targets and the measures for the credit and monetary management in 2023.