VOV.VN - Prime Minister Pham Minh Chinh has asked the State Bank of Vietnam to direct banks to further lower lending rates to increase the economy’s access to capital.

After declining in the first two months of this year, credit of the banking industry in March increased by 0.26% compared to the end of 2023 to about VND13.6 quadrillion, the State Bank of Vietnam (SBV) reported.

Prime Minister Pham Minh Chinh on March 14 chaired a conference launching this year’s monetary policy-related tasks to tackle production and business obstacles, facilitate growth, and maintain macro-economic stability.

VOV.VN - Vietnam will enjoy favourable conditions to fuel its economic recovery this year despite the global moderate growth forecast, said Paulo Medas, head of the International Monetary Fund (IMF) team to Vietnam.

As many as VND531 billion (US$21.7 million) under the VND120 trillion credit package for social housing development has been disbursed, according to Director General of the State Bank of Vietnam (SBV)’s Department of Credit for Economic Sectors Ha Thu Giang.

Governor of the State Bank of Vietnam (SBV) Nguyen Thi Hong on February 20 said propelling credit growth is the key task in 2024 to ensure ample capital for the economy.

The State Bank of Vietnam has issued a directive urging credit institutions to accelerate credit growth from the early months of 2024, a pivotal step toward propelling economic growth.

Since the beginning of the year, numerous banks have launched attractive credit packages with low interest rates, some even as low as 0% per year, easing the financial burden for customers seeking additional capital, particularly during the time leading up to Tet (Lunar New Year holiday).

High demand during the Tet shopping season has prompted commercial banks to introduce credit offers worth hundreds of billions VND for consumers, said industry experts and insiders.

Credit growth will be the main focus for the banking industry in 2024, as it is closely related to economic growth, according to analysts.