The effects of the State Bank of Vietnam (SBV)’s four interest rate cuts in the first quarter of 2023 began to positively impact on the country’s economy in the second half of the year. Economic growth in the fourth quarter reached its highest level since 2020, helping the annual GDP growth figure rise by over 5 per cent, which impressed many financial institutions and international analysts. The government has set a GDP growth target for 2024 of 6-6.5 per cent. To ensure there is sufficient capital to support growth, in line with resolutions from the government and the National Assembly, the SBV will have a number of focuses in monetary policy, such as operating policy tools proactively, flexibly, and effectively, adjusting interest rates appropriately according to market developments, and ensuring stable exchange rates.