The State Bank of Vietnam sets credit growth target of 15% for the domestic banking system in 2024. (Photo: VNA)

The target can be adjusted depending on developments of the real situation, the central bank said in a document sent to credit institutions.

The SBV requested credit institutions to provide loans in a safe manner and in line with their risk management capacity, liquidity and ability to mobilize capital, while preventing bad debts from rising.

They are also banned from providing preferential interest rate loans for executives and their relatives, businesses within their ecosystems and “backyard” companies.

The central bank said that it will closely monitor actual developments to manage credit growth in a proactive, flexible, prompt and effective manner. It will also adjust the credit growth target and proactively revise credit growth quotas given to each credit institution.