CENTRAL BANK TARGETS CREDIT GROWTH OF 12 PERCENT IN 2021

The State Bank of Vietnam (SBV) targets a credit growth rate of 12 percent in 2021, equivalent to the growth of 12.13 percent last year, according to SBV Deputy Governor Dao Minh Tu.

However, the goal is not a fixed figure, as the central bank may adjust it if necessary, Tu said at a press conference in Ho Chi Minh City on January 7.

He said that in case the COVID-19 pandemic is totally controlled, and the economy needs fast recovery, leading to an increased credit demand, the SBV will expand credit to support businesses and economic recovery.

Vice versa, if there is signs that the economy needs tighter control to curb inflation, the credit growth will be slashed, he said.

Tu added that the support for businesses during the post-pandemic period is defined as one of the major tasks of the banking sector in 2021.

The bank is submitting a proposal to the Prime Minister on the adjustments of regulations on foreign credit institutions and bank branches’ debt restructuring, interest and fee reduction and exemption and debt classification maintenance to support customers affected by COVID-19.

In 2020, the SBV exerted numerous efforts to maintain a suitable credit growth rate, while credit for risky areas was tightly controlled. Credit institutions also launched many programmes to offer soft loans to customers.

As of December 31, 2020, credit outstanding loan of the economy reached nearly 9.2 quadrillion VND, up about 12.13 percent year on year. The rise was 13.65 percent in 2019.

Source: VIR

Related News

MEMBER CORNER / PROMOTIONS

VIETNAM'S MANUFACTURING STORY HAS CHANGED IN 2026

Vietnam is no longer attracting investment solely because of its competitive costs. Today, global manufacturers are increasingly choosing Vietnam for its expanding industrial ecosystem, resilient supply chains and growing role in high-value sectors such as semiconductors, electronics and advanced manufacturing.

Jul 24, 2026

BANKING / FINANCE / INSURANCE / TAX

VIETNAM NEEDS OVER $200BN FROM STOCK MARKET IN NEXT 5 YEARS

Speaking at the event, Bui Hoang Hai, vice-chairman of the State Securities Commission of Vietnam, said total investment demand in the 2026-30 period is estimated at VND38,000 trillion ($1.4 trillion). The state budget can only provide approximately VND8,500 trillion ($323 billion), or 20 percent, leaving the remaining 80 percent to be sourced from private and international capital.

Jul 23, 2026

VIETNAM ECONOMY INVESTMENT

HUNG YEN BUILDS DIGITAL FOUNDATIONS TO DRIVE LONG-TERM GROWTH

From strengthening data infrastructure to developing AI platforms, Hung Yen province is enhancing governance capacity while laying the groundwork for the growth of its digital economy. Hung Yen, about 50-60km southeast of Hanoi, has maintained steady momentum in implementing its digital transformation agenda, creating a stronger foundation for the province to advance science, technology, and innovation.

Jul 23, 2026

VIETNAM ECONOMY INVESTMENT

CHINESE INVESTMENT WAVE OPENS NEW DOORS

As Chinese companies move beyond factory relocation to ecosystem-driven investment, Vietnam has a rare opportunity to evolve from a low-cost production base into a strategic node in regional value chains. When global companies first diversified supply chains, the focus was largely on relocating manufacturing capacity.

Jul 23, 2026

VIETNAM ECONOMY INVESTMENT

VIỆT NAM STEPS UP EXPORT TO ACHIEVE US$550-BILLION TARGET

Việt Nam is intensifying efforts to sustain export momentum in the second half of 2026 as the country works towards its target of US$550 billion in export revenue for the year, despite continuing uncertainties in global trade. Statistics show that exports reached $266.5 billion in the first six months, meaning the economy needs to generate around $245.5 billion more during the remainder of the year to meet the annual goal.

Jul 23, 2026

VIETNAM ECONOMY INVESTMENT

ASIA POWERS VIETNAM’S SHRIMP BOOM, LEAVING THE WEST BEHIND

In the first half of 2026, Vietnam's shrimp exports surpassed the US$2.3 billion mark, driven largely by booming demand from China and a lobster craze. But behind that growth figure lies a lopsided picture: Asia is carrying the load, while the U.S. and Europe have yet to break out. These days, a container of frozen shrimp leaving a Ho Chi Minh City port is more likely to cross the East Vietnam Sea to Shanghai than the Pacific to Los Angeles.

Jul 23, 2026