The State Bank of Vietnam (SBV) announced this at its today’s press conference in Hanoi to provide information regarding the banking sector's performance in the first quarter of 2026.
During the press conference, Deputy Governor Pham Thanh Ha stated that as of March 31, the total credit outstanding across the system reached over VND19.18 trillion, reflecting an increase of nearly 3.2 percent compared to the end of 2025. In 2026, the SBV anticipates a total credit growth of approximately 15 percent.
However, this figure may be adjusted upwards or downwards to align with actual developments and conditions, ensuring inflation control, macroeconomic stability, support for economic growth, and the safety of the credit institution system.
Additionally, the SBV has instructed credit institutions (CIs) to closely manage the growth rate of credit in sectors that pose potential risks, directing credit flows towards production and business sectors, priority areas, and growth drivers of the economy.
Regarding interest rate management, Deputy Governor Pham Thanh Ha stated that in the early months of 2026, the State Bank of Vietnam will maintain the current operational interest rates to facilitate access to low-cost capital for credit institutions, thereby supporting the economy.
Simultaneously, the SBV will closely monitor the trends in deposit and lending interest rates, as well as the announcement of lending rates, and is prepared to provide liquidity support to credit institutions.
Additionally, concerning the reduction of interest rates by credit institutions, Pham Chi Quang, Director of the Monetary Policy Department under SBV, mentioned that following the meeting on April 9 with the Governor of the SBV, credit institutions agreed to lower the general interest rates. To date, 26 credit institutions have adjusted their listed deposit interest rates downwards by 0.1 to 0.5 percent per annum, primarily for terms of 6 months and above, thus providing a basis for reducing lending rates to support economic growth.
Regarding the exchange rate, according to a representative from the State Bank of Vietnam, since the beginning of the year, the USD/VND exchange rate has shown a decreasing trend in the period leading up to the Lunar New Year. However, the exchange rate and the foreign exchange market continue to face pressure from complex and unpredictable developments in the international market. In this context, the SBV continues to manage the exchange rate flexibly, helping to mitigate external shocks.
Concerning gold market management, Deputy Governor Pham Thanh Ha stated that gold prices have fluctuated at high levels in the early months of the year, linked to external market movements. In this context, the SBV continues to closely monitor the developments in both the domestic and international gold markets, coordinating with relevant agencies to enhance management efforts and implement measures to stabilize the gold market within its authority.
Additionally, regarding this issue, Director Dao Xuan Tuan of the Foreign Exchange Management Department mentioned that to date, 11 enterprises and credit institutions have submitted applications for licenses to produce gold bars and import gold materials. The review of these applications is currently being conducted by the SBV in collaboration with relevant authorities, and results will be announced once they are finalized.
Regarding the forthcoming direction of monetary policy management, Deputy Governor Pham Thanh Ha stated that the SBV will persist in closely observing the trends in deposit and lending interest rates; manage the exchange rate in a flexible manner, consistent with market conditions. Moreover, it will implement suitable monetary policy management strategies, prepared to provide liquidity support for credit institutions while executing coordinated solutions for managing the gold market and implement credit management strategies that correspond with the economic landscape.
