State Bank of Vietnam requires strict disclosure of lending rates

At the Government’s regular press conference for March 2026 on April 4, Pham Thanh Ha, Deputy Governor of the State Bank of Vietnam, discussed the outlook for monetary policy and interest-rate management. He said the international environment has recently become highly complex and unpredictable, with geopolitical tensions and the military conflict in the Middle East pushing oil prices higher and creating inflationary pressure across many countries.

Ha noted that these developments also create challenges for monetary policy administration and banking operations. He said that, following directions from the Government and the Prime Minister, the State Bank has implemented monetary policy in a proactive and flexible manner, using a combination of measures to control inflation, stabilize macroeconomic conditions, and support sustainable economic growth.

Monetary policy approach and liquidity management

The Deputy Governor said the State Bank has coordinated policy tools to help ensure debt-servicing capacity and liquidity in the economy, while safeguarding the stability of the money market.

On interest rates, Ha stated that policy rate levels will remain unchanged. He said this is intended to allow banks and credit institutions to access central bank funds at lower costs, thereby supporting economic activity.

Measures to stabilize market lending rates

Regarding market rates, Ha said funding-cost pressures are rising. He added that the State Bank issued Document No. 2342 dated 30 March 2026, requiring credit institutions and commercial banks to apply uniform measures to stabilize market lending rates.

The measures include:

• Strictly enforcing the State Bank’s regulations on interest rates.
• Strengthening internal controls.
• Promptly and strictly handling violations of interest-rate rules.
• Requiring banks to balance funds and use capital to ensure liquidity and solvency for each credit institution.
• Strictly disclosing lending rates so customers have full information about access to funds, helping avoid disruptions in market rates.

Ha acknowledged that market rates tend to rise. He said the State Bank’s assessment is that funding mobilization across the banking system may be affected and face competition from other investment channels.

Deposit and credit dynamics

Ha said deposit rates have trended upward from late 2025 to the present after a period of stability. On capital balance, he stated that credit growth has increased faster than deposit growth, indicating that demand for credit remains high.

He said this is reinforced by the economy’s target of two-digit growth, which continues to drive strong demand for capital for production, business, and investment.

Outlook and policy direction

Ha added that in the coming period, many international organizations and rating agencies expect the global situation to remain complex, uncertain, and difficult to predict, with risks that could affect inflation, growth, and global economic stability.

In response, the State Bank said it will continue to closely monitor global and domestic developments to manage monetary policy proactively, flexibly, and coherently, with the overarching goal of maintaining macroeconomic stability, controlling inflation, and supporting sustainable growth.

Specifically on rates, Ha said the State Bank will adjust policy as appropriate and use tools and instruments flexibly to support liquidity in the market. At the same time, it will continue to require credit institutions to strictly disclose lending rates.

For credit institutions, Ha said the State Bank requires continuous strict implementation of existing directives, focusing on stabilizing rate levels while ensuring a balance between deposits and credit growth to avoid disruptions in market rates.