Vietnam central bank sets 2024 credit growth cap for banking system at 15%

HANOI: Vietnam’s central bank has set a credit growth cap of 15% for the local banking system for this year, it said on Tuesday.

The cap can be adjusted depending on the situation as it develops, the State Bank of Vietnam (SBV) said in a statement.

Vietnam’s economic growth moves in tandem with credit growth managed by the central bank, which sets annual targets for banks, with the aim of controlling lending and managing growth.

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Banks’ lending as of December 27 had grown 12.26% from the end of 2022, below the central bank’s cap of 14%-15%, SBV said in the statement.