The State Bank of Vietnam has set a credit growth target for the banking system at 16 percent for 2025, higher than the 15 percent target for 2024, the Voice of Vietnam (VOV) reported Thursday.

This goal reflects the central bank's proactive approach in adjusting targets to meet the economy's capital needs, without requiring banks to submit formal requests, said the report.

Commercial banks must ensure credit growth aligns with their risk management capacity, liquidity conditions, and capital mobilization capabilities, said the central bank.

The central bank also emphasized the need for a flexible, timely, and data-driven approach to credit management in 2025.

Although there has not been official data as of the end of 2024, Vietnam's 15 percent credit growth target for 2024 was predicted to be reachable.