System-wide outstanding credit reaches nearly 20 quadrillion VND

As of June 26, the State Bank of Vietnam said that outstanding credit across the whole system had exceeded 19.97 quadrillion VND, up 7.41% compared with the end of 2025.

At the press conference on banking sector performance in the first half of 2026, Deputy Governor of the State Bank of Vietnam (SBV) Pham Thanh Ha said that in the first months of 2026, the world economy continued to evolve in a complex and unpredictable manner.

The SBV Deputy Governor chaired the press conference on banking sector performance. Photo: DP

Geopolitical tensions, especially the escalation of military conflict in the Middle East, have created great pressure on international energy, commodity and financial markets. In addition, some central banks have also raised interest rates amid the risk of inflation returning.

These developments have significantly affected an economy with high openness such as Vietnam, while also posing many challenges to the SBV's monetary policy management.

Accordingly, the regulator must harmoniously balance multiple objectives, prioritizing inflation control and supporting economic growth, while minimizing the impact of external shocks to maintain macroeconomic stability.

In the first half of 2026, the SBV managed monetary policy in a proactive and flexible manner, while closely coordinating with a reasonably expansionary fiscal policy that is focused and targeted, along with other macroeconomic policies. The goal is to continue controlling average inflation in 2026 at around 4.5%, contributing to macroeconomic stability and supporting sustainable growth.

Stabilizing interest rate levels to support sustainable economic growth

On interest rate management, the SBV continued to keep its policy rates unchanged, creating conditions for credit institutions to access capital from the SBV at low cost, thereby gaining more room to support the economy.

Alongside this, the SBV issued a document directing credit institutions to implement solutions to stabilize interest rate levels, while continuing to publish lending rate information on each bank's website so that customers have more of a reference basis when accessing capital.

Notably, after a working session between the SBV and commercial banks, the banks agreed to reduce deposit rates on new deposits with terms of 6 months or more. At the same time, many banks also adjusted down their listed deposit rates and lending rates to improve access to capital for enterprises and citizens.

On the exchange rate, the foreign exchange market continued to operate smoothly. Legitimate foreign currency demand of the economy was fully and promptly met, while the USD/VND exchange rate moved flexibly, in line with market conditions.

In the credit sector, the SBV said that credit solutions for each industry and sector have been implemented synchronously and actively. Capital continued to be channeled into production and business sectors, priority sectors and growth drivers as directed by the Government and the Prime Minister, thereby helping to improve access to capital and support economic growth.

Thanks to synchronized management measures, as of June 26, 2026, outstanding credit across the whole system reached over 19.97 quadrillion VND, up 7.41% compared with the end of 2025 and up 18.1% year-on-year.

On the gold market, the SBV said it will continue to closely monitor domestic and international developments, while coordinating with relevant agencies to strengthen management and implement measures to stabilize the market within its authority.

In the field of payments and digital transformation, the SBV continues to improve mechanisms and policies to build a synchronized legal framework, creating favorable conditions for the development of non-cash payments, promoting digital banking and ensuring security and safety in payment activities. Through this, citizens and enterprises have more opportunities to access modern and convenient services and payment methods.

On the direction for the coming period, Deputy Governor Pham Thanh Ha said the SBV will continue to manage monetary policy in a proactive and flexible manner, coordinating closely with fiscal policy and other macroeconomic policies to control inflation, maintain macroeconomic stability and support sustainable economic growth.

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