With a growth model still heavily reliant on credit capital, the leading role of state-owned commercial banks is particularly important.
Chairman Nguyen Thanh Tung of Vietcombank’s Board of Directors stated that the economy is facing higher demands for growth quality. Accordingly, Vietcombank aims for sustainable and safe growth, focusing on supplying capital for production, business, priority sectors, and growth drivers such as energy, infrastructure, and exports.
Right from the beginning of 2026, Vietcombank acted as the lead arranger bank to secure nearly VND30 trillion (US$1.15 billion) for Component Project No.1 – Power Plant under the Quang Trach II LNG Thermal Power Plant Project, after successfully attracting capital for the Quang Trach I Thermal Power Plant.
Similarly, Agribank has signed credit contracts to finance large-scale projects such as the investment project to build Ring Road 4 in Hanoi (acting as the lead arranger bank); the infrastructure development investment project for Tien Lang Airport Industrial Park – Zone B in Hai Phong City; and Component Project No.1 – Power Plant under the Quang Trach II LNG Thermal Power Plant Project.
VietinBank has also offered preferential interest rates and capital support for enterprises investing in building strategic and key national infrastructure projects, with a total credit scale of VND60 trillion ($2.29 billion).
Beyond the “Big 4” group, private commercial banks are also accelerating capital injections into infrastructure. ABBank has launched a VND4-trillion credit package ($152.8 million) for enterprises investing in electricity, transportation, and strategic technology.
To date, credit growth for the first month of 2026 hasn’t been announced, but the Vietnam Banks Association (VNBA) noted that credit for priority segments grew faster than the average as policies were adjusted to support production and business. Many commercial banks have increased lending to manufacturing and business customers, as well as small and medium-sized enterprises (SMEs), while simultaneously deploying preferential interest rate packages and bank-enterprise connection programs to stimulate demand.
Chairman Luu Trung Thai of Military Bank (MB) said that in 2026, MB targets a credit growth of around 35 percent, higher than the general market level thanks to advantages from participating in the restructuring of a mandatorily transferred bank. The retail segment remains the core, but MB will boost lending to key manufacturing sectors and exports, expand the FDI segment, and deploy new areas such as gold trading and preparing a foundation to enter the digital asset market.
ACB also stated that this year’s growth target is tied to risk control and customer support to optimize costs. ACB has just launched products to share the burden of capital costs, most notably an automatic loan interest rate reduction program. Specifically, business households and small enterprises using ACB as their main account will receive a maximum interest rate reduction of 2 percent/year.
Overall, the estimated scale of capital to be pumped into the economy is quite large. At the end of 2025, total outstanding credit in the entire system reached VND18.58 million billion ($710 billion), up 19 percent compared to the end of 2024.
With a growth target of about 15 percent in 2026, it is estimated that an additional VND2.79 quadrillion ($106.6 billion) will be injected into the economy. Experts assess that “directing” credit flows is not only an operational requirement but also a strategic puzzle for the entire financial system.
Chief Economist at BIDV Dr. Can Van Luc stated that bank credit currently accounts for about 50 percent of the total capital of the economy, while bonds, stocks, investment funds, FDI, public investment, and corporate equity have not developed commensurately. Therefore, it is necessary to synchronously develop capital mobilization channels so that credit can focus on sectors such as processing, manufacturing, exports, high-tech agriculture, SMEs, digital transformation, and green production.
Deputy Director Nguyen Duc Lenh of SBV – Region 2 Branch commented that when credit is “directed” on the right track, coupled with improved risk-sharing mechanisms and enhanced appraisal quality based on cash flow and socio-economic efficiency, every dong of capital not only creates short-term growth but also contributes to restructuring the economy towards a more sustainable and modern direction.
Notably, as public investment continues to be heavily promoted by the Government this year, it creates positive ripple effects on credit growth and the economy across three dimensions of supporting working capital for contractors, boosting consumption and exports, and leading development strategies.
