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.
Prime Minister Pham Minh Chinh has instructed the Ministry of Finance, State Bank of Vietnam and the Ministry of Planning and Investment to address obstacles in relevant sectors for upgrading the stock market from frontier to emerging status.
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.
Retired nurse Nga put her life savings into a bond at Vietnam's SCB bank, but now cannot access her money after being caught up with tens of thousands in a multibillion-dollar scam that has shocked the nation.I put my whole life savings there," said the 67-year-old Hanoi resident, showing AFP the bond certificates worth around $120,000 issued by SCB.
"I planned to use the money to maintain our house. to help my kids."
A new strategic regulatory reform by Vietnam’s central bank aims to balance risk management with robust credit expansion, particularly in sectors pivotal to the country’s economic growth.