On March 4, 2026, at the Government’s monthly press conference for February, 2026, Deputy Governor Pham Thanh Ha of the State Bank of Vietnam (SBV) stated that credit growth has remained positive since the beginning of the year. As of February 26, 2026, the credit outstanding reached VND 1,886 trillion, up by 1.4% compared with the end of December 2025, and 20.18% compared with the same period in 2025.
Mr. Tran Van Son, Minister-Chairman of the Government Office, chairs the monthly press conference for February, 2026
According to Deputy Governor Pham Thanh Ha, from the end of 2025 to the beginning of 2026, the global economy has experienced unprecedented developments, posing challenges for the management of monetary policy and banking operations. Closely following the directions of the Government and the Prime Minister, the SBV has proactively and promptly implemented various measures to control the inflation, maintain the stability of the macro-economy, and promote sustainable economic growth. The SBV has also coordinated the monetary policy instruments in a synchronized manner to fully meet the payment and liquidity needs of the economy.
Interest rates have moved in line with the market supply and demand. The average lending rate for newly issued loans has shown a downward trend. The money market has remained stable, and credit growth has been positive since the beginning of the year. As of February 26, 2026, the total credit outstanding reached VND 1,886 trillion, up by 1.4% compared with the end of December 2025, and 20.18% compared with the same period in 2025.
The exchange rate has been managed flexibly in line with market conditions, and legitimate foreign currency demands have been fully and promptly met. As of February 27, 2026, the average interbank exchange rate stood at around VND 26,044 per USD, down 0.94% compared with the end of 2025, while foreign currency supply remained abundant.
Deputy Governor Pham Thanh answers reporters' questions
Deputy Governor Pham Thanh Ha noted that the global economic situation remains highly uncertain, while Vietnam’s economy is highly open and directly affected by external developments. At the same time, the country needs to maintain high economic growth while ensuring macroeconomic stability.
Regarding the orientation for monetary policy management in the coming period, Deputy Governor Pham Thanh Ha stated that the SBV would closely monitor domestic and international developments in order to conduct monetary policy in a proactively and flexible manner, while coordinating closely with fiscal policy and other macroeconomic policies to control the inflation, maintain the macroeconomic stability, and support sustainable economic growth.
Specifically:
First, to manage the interest rates in line with market developments, macroeconomic conditions, inflation, and monetary policy objectives, while continuing to require credit institutions to publicly disclose their lending interest rates.
Second, to continue managing the exchange rate flexibly in line with market conditions and coordinate the monetary policy instruments synchronously to stabilize the market and ensure the smooth operation of the forex market.
Third, to manage credit in line with macroeconomic developments and money market conditions, while directing credit institutions to ensure safe and effective credit growth, focusing on production and business activities, priority sectors, and key economic growth drivers in accordance with the directions of the Government and the Prime Minister. Credit to potentially risky sectors will be strictly controlled. Lending procedures will also be simplified through the application of digital transformation in credit granting processes, facilitating people and businesses’ access to bank loans.