Vietnam PM Calls for State Bank to Scrap Credit Growth Targets

Vietnam’s Prime Minister ordered the central bank to develop a pilot plan to remove credit growth targets starting next year, as part of efforts to boost the economy, the government said Thursday.

Under the proposal, the State Bank of Vietnam will need to build up standards and criteria for well-managed, financially healthy credit institutions and it will oversee inspections and supervision to prevent systemic risks, ensure financial system safety, and maintain inflation control, according to the government post.