To urgently review and orient credit growth management in 2024 in Vietnam

What is the Governor of the State Bank's conclusion on adjusting credit growth targets in 2023 for credit institutions with suggestions and orientations for managing credit growth in 2024 in Vietnam?

To urgently review and orient credit growth management in 2024 in Vietnam

To urgently review and orient credit growth management in 2024 in Vietnam (Internet image) 

To urgently review and orient credit growth management in 2024 in Vietnam

Content mentioned in Notice 343/TB-NHNN 2023 on Conclusion of Governor Nguyen Thi Hong at the Online Conference implementing Official Telegram 990/CD-TTg and promoting the implementation of the interest rate support program according to Decree 31/2022/ND-CP issued by the State Bank of Vietnam.

Some specific key tasks for the Monetary Policy Department are as follows:

(1) Closely monitor domestic and international economic developments; coordinate with the Department of Forecasting and Statistics and relevant units to regularly analyze, evaluate, and forecast the situation to manage monetary policy proactively, flexibly, promptly, and effectively, with priority given to promoting growth associated with macroeconomic stability, controlling inflation, and ensuring the safety of the system of credit institutions; focus on smooth, synchronous, and effective coordination of monetary policy tools to continue removing difficulties for the economy. Manage credit growth reasonably and effectively, strive to achieve the highest set goals, and direct credit to production and business sectors, priority sectors, and sectors that are the driving force for growth.

In particular, urgently coordinate with NHTTGS and relevant units to reviewto propose a plan to adjust credit growth targets in 2023 for credit institutions with requests and orientations for managing credit growth in 2024, and report to the SBV Board of Directors for consideration and decision.

(2) Urgently coordinate with relevant units to review and evaluate the implementation of Circular 03/2023/TT-NHNN, suspending the effectiveness of Clause 11 of Article 4 of Circular 16/2021/TT-NHNN on the purchase and sale of corporate bonds by credit institutions and foreign bank branches and other related regulatory documents (especially mechanisms and policies that expire in 2023) to promptly advise and propose amendments, supplements, and promulgation of relevant regulations accordingly (if necessary).

(3) Monitor the implementation of Circular 06/2023/TT-NHNN amending and supplementing a number of articles of Circular 39/2016/TT-NHNN dated December 30, 2016 on lending activities of credit institutions and foreign bank branches for customers to promptly report to SBV leaders when problems arise; continue to review and propose corrections (if necessary).

Deputy Governor Pham Thanh Ha coordinates with relevant Deputy Governors to provide direction.

Besides, general tasks are given as follows:

Continue to drastically and effectively implement assigned tasks in Resolution 01/NQ-CP of the Government, Resolutions of regular Government meetings, Document 4964/VPCP-KTTH dated July 5, 2023 of the Government Office, Conclusion Notice 316/TB-VPCP dated August 9, 2023 of the Prime Minister, Directive 01/CT-NHNN, Conclusion Notice 247/TB-NHNN dated August 10, 2023 of the Governor and other guiding documents of the Government, Prime Minister, and SBV leaders.

Promote the implementation of solutions to facilitate businesses and people's access to credit capital, improve the economy's ability to absorb capital, and further strengthen bank-business connections and support customers in difficulty, promoting the recovery of production and business activities. At the same time, strengthen supervision, inspection, and inspection of credit-granting activities (especially in potentially risky areas) to promptly detect, rectify, and strictly handle violations (if any).

More details can be found in Notice 343/TB-NHNN 2023.

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