HANOI, Feb. 22 (Xinhua) -- Vietnam's credit in January fell 0.6 percent as businesses were reluctant to borrow and there was lower demand for home loans amid an unfavorable property market, local media reported, citing the State Bank of Vietnam.

The newspaper cited the central bank's governor Dao Minh Tu as saying that the decline in credit is a pattern that has been recorded in recent years.

The economy as a whole is facing challenges and therefore people were not interested in acquiring loans, according to VnExpress.

The bank said it targeted a credit growth of about 15 percent in 2024, but the goal can be adjusted to make it suitable with the actual situation and the economic developments, Vietnam News reported.

To boost credit growth, instead of only allocating a part of credit growth quota for banks at the beginning of the year as previously, the central bank this year has assigned the entire credit growth target of 15 percent for banks in early January.

The total credit of Vietnam's economy grew 13.5 percent to reach nearly 558.3 billion U.S. dollars as of 2023, according to the bank. Enditem

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