HCMC - The State Bank of Vietnam (SBV), the nation’s central bank, has asked commercial banks to continue cost-cutting measures, simplify lending procedures, and reduce annual lending rates by 1-2 percentage points.

The central bank has issued a directive to local banks and foreign bank branches to focus on traditional growth drivers, emerging industries, green transition, circular economy, and social housing. The target is for overall credit growth to reach 5-6% by the end of the second quarter. Banks are also asked to facilitate exchanges and dialogues with borrowers to address the difficulties and obstacles faced by their customers, thereby expanding the accessibility of credit for businesses and citizens.