The State Bank of Vietnam has set a 15 percent credit growth limit for Vietnam’s banks in 2024, Tuoi Tre is reporting.
Note that this is higher than the usual 14 percent a year probably due to a failure to hit 14 percent in 2023. Credit growth mid-December was just 9.87 percent well below target. Banks have been pushed to lend more for most of the last half of the year, but the reality is that neither consumers nor businesses are keen to borrow on the back of broader economic challenges. Not to mention, that those that are keen to borrow often don’t qualify, with assets offloaded in 2022 when they were unable to borrow because the credit growth limit had been reached.
In this light, moving into 2024, 15 percent is a very ambitious target.
Credit growth by month, 2023
| VND = billions | Total | Change | |||
| VND | USD | VND | USD | % | |
| January | 11,936,635 | $487,110,216,995 | 12,202 | $500,687,841 | 0.10 |
| February | 12,026,335 | $490,770,683,985 | 89,700 | $3,660,466,990 | 0.75 |
| March | 12,231,724 | $499,152,178,301 | 205,389 | $8,381,494,316 | 1.73 |
| April | 12,285,210 | $501,334,861,106 | 53,487 | $2,182,682,805 | 0.45 |
| May | 12,314,064 | $502,512,312,286 | 28,853 | $1,177,451,180 | 0.24 |
| June | 12,487,913 | $509,606,733,708 | 173,849 | $7,094,421,422 | 1.46 |
| July | 12,466,239 | $508,722,296,211 | -21,673 | -$884,437,497 | -0.19 |
| August | 12,588,305 | $513,703,539,014 | 122,065 | $4,981,242,803 | 1.03 |
| September | 12,754,669 | $520,492,537,449 | 166,364 | $6,788,998,435 | 1.39 |
| October | 12,808,476 | $522,688,298,810 | 53,807 | $2,195,761,361 | 0.45 |
| November | 13,015,519 | $531,137,310,995 | 207,043 | $8,449,012,185 | 1.74 |
| December | 13,534,232 | $552,304,945,469 | 518,713 | $21,167,634,474 | 4.35 |
| Total | 1,609,799 | $65,695,416,314 | 13.5 | ||