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At a press briefing on the banking sector’s Q1 2026 results on the afternoon of April 14, Mr. Pham Chi Quang, Director of the Monetary Policy Department at the State Bank of Vietnam (SBV), said the central bank may adjust the system-wide credit-growth target downward if risks increase. He noted that, unlike previous years when the SBV mainly raised the credit-growth target at the start of the year, this year also allows for the possibility of lowering it.
Mr. Quang said the international environment is expected to continue carrying risks, particularly geopolitical tensions that could disrupt oil supply, affect energy prices, and raise inflation. In response, the SBV will monitor domestic and international market developments and apply appropriate measures to support macroeconomic stability and growth under suitable conditions.
He added that the SBV’s position for 2026 is to “steadfastly pursue monetary policy to support macroeconomic stability and growth under suitable conditions,” and that system-wide credit growth is projected to remain around 15%, with flexible adjustments based on actual developments to help control inflation, maintain macro stability, support growth, and ensure the safety of the banking system.
As of March 31, 2026, credit outstanding across the system stood at over 19.18 quadrillion dong, up 3.18% from end-2025.
Mr. Quang also referenced the previous year’s performance: in 2025, credit growth reached over 19%, the highest in about 15 years. This lifted the credit-to-GDP ratio to around 146%, among the highest in middle-income countries.
The head of the Monetary Policy Department said that while a large credit scale can support growth, it can also create challenges for banking system safety and macro stability. With risks rising and the potential for non-performing loans, the SBV said it will strengthen supervision and remain ready to adjust the credit-growth target in either direction as needed.
On interest rates, Mr. Pham Chi Quang said that after the April 9 meeting, commercial banks agreed to ease rate levels. To date, about 26 banks have cut published deposit rates by roughly 0.1–0.5 percentage points per year, mainly for tenors of six months or more, which is intended to provide a basis for reducing lending rates to support growth.
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