HANOI (Reuters) -Vietnamese Prime Minister Pham Minh Chinh has told the country’s central bank to remove a cap on credit growth in the banking system from next year, the government said on Thursday.
The central bank should, instead, develop a set of standards for banks to operate in an “efficient and healthy” manner, the government said in a statement.
The State Bank of Vietnam has set an annual cap on credit growth in the banking system as a way to control the flow of money into the economy and maintain the system’s stability. The cap for this year stands at 16%.
(Reporting by Khanh Vu; Editing by David Stanway)
