Deputy Governor of the State Bank: Banking system total assets near 30 quadrillion dong, 2,000-fold increase after 40 years of reforms

On April 13, Investor Magazine held a conference titled “40 years of Renovation: The Leading Role of Economic Groups” to review the leadership role of economic groups and propose policy recommendations to support their strong development.

Speaking at the event, Deputy Governor of the State Bank of Vietnam Nguyen Ngoc Canh said that after 40 years of renovation, Vietnam has recorded impressive economic outcomes, including sustained high growth over many years. He noted that the economy’s size has surpassed $514 billion per year and ranks 32nd globally; the five-year average growth rate is 6.2%; 2025 growth reached 8.03%; and per capita income rose to over $5,000.

Mr. Canh emphasized that economic groups have played a leading role throughout the renovation process, including both the state economy and the private sector. “Whether state-owned enterprises are the primary force or the private sector is the key driver, economic groups have always affirmed themselves as the backbone and leadership of the economy,” he said.

Banking sector’s role in supporting economic groups

From the banking perspective, Mr. Canh said the credit institution system has accompanied and helped propel the economy, supporting the development of the business community, economic groups, and overall economic growth. He highlighted two main aspects.

1) Banking system growth over 40 years

Mr. Canh said the banking sector has developed strongly and fulfilled its assigned tasks, helping the Government and the political system overcome difficulties to achieve socio-economic development goals.

As of December 31, 2025, the banking system includes 127 credit institutions with total assets of nearly 30 quadrillion dong. This represents an increase of about 22% compared with end-2024 and nearly a 2,000-fold rise over 40 years. Fund mobilization rose 15.42% from end-2024, or about 1,300 times higher than 40 years ago. He added that some banks are large and rank high in international markets.

2) Improved monetary and credit framework

Mr. Canh also said that the monetary and credit framework and banking operations have been regularly amended and improved, creating conditions for credit institutions to provide large-scale credit to the economy and support production and business activities.

He described the banking sector as a large, traditional, and reputable client for economic groups, capable of facilitating lending to ensure credit supply for production and business operations. He specifically referenced investment in large projects with significant socio-economic meaning, noting that progress and effectiveness are ensured.

Key credit and financial indicators

By the end of 2025, outstanding credit to the economy reached about 18.6 quadrillion dong. This was up 19.07% from 2024 and equivalent to 144% of GDP. Of total economic credit, credit to domestic enterprises accounted for about 48%, while credit to groups and corporations accounted for about 7%.

Mr. Canh added that the banking sector has applied science and technology, implemented system-wide digital transformation, and developed additional financial services and modern payment solutions. These efforts, he said, help improve access to credit capital for the economy.

Outlook and policy direction

Summarizing the results, Mr. Canh said they show strong development of Vietnam’s banking system—both by providing resources and financial services for business and economic groups, and by strengthening the overall capacity of Vietnam’s enterprises and economic groups.

Looking ahead, he said the banking sector will flexibly operate monetary, credit, and foreign exchange policies, ensure inflation control, and provide sufficient capital for the economy to support Vietnam’s transition into a new era of strength and prosperity.