Having closely followed the Resolutions of the National Assembly, the directions of the Government and the Prime Minister, the State Bank of Vietnam (SBV) has managed the monetary policy in a proactive, flexible and effective manner, in collaboration with the fiscal policy and other macro-economic policies in order to control the inflation, contributing to maintaining the macro-economic stability, ensuring the major balances of the economy. Right at the beginning of 2025, the SBV had assigned all credit growth targets to the credit institutions. By July 28, 2025, the credit outstanding of the entire system had increased by 9.64% as compared to the end of 2024.
In the context of the inflation being controlled in accordance with the target set by the National Assembly and the Government, and implementing the directions of the Government and the Prime Minister on managing the credit growth in a flexible and effective manner, meeting the capital demand of the economy, on July 31, 2025, the SBV announced adjustments of increasing the credit growth targets for 2025 for the credit institutions, based on the principles of specificity, publicity and transparency.
In addition, the SBV has also requested the credit institutions to implement strictly the directions of Government and the SBV, as well as the solutions on the credit operations to improve the business efficiency, ensure the safety of the system, and maintain the stability of the money market. The key objectives are to ensure safe and effective credit growth, directing credit to production and business sectors, the priority sectors and the economic growth drivers in accordance with the policy of the Government and Prime Minister; strictly controlling credit for the sectors with potential risks.
The SBV also requested the credit institutions to: maintain stable deposit interest rates and reduce the lending interest rates by cutting down on the operational costs, enhancing the application of information technology, simplifying the administrative procedures, restructuring the organizational structure to be more efficient; continue to develop appropriate policies to remove any difficulties in accessing the credit resources for businesses and the people; grant credit in accordance with the provisions of law and the SBV’s directions as stated in Directive No. 01/CT-NHNN dated January 20, 2025; comply with the legal regulations on the safety ratios, the credit limits for each customer, the debt classification and the risk provisioning; strengthen the credit risk control, etc. by performing due diligence before granting credit and strengthening the inspection and supervision before and after granting credit to ensure the credit quality.
In the coming time, the SBV would continue to follow closely the domestic and international market developments, stand ready to support liquidity to allow the credit institutions to supply credit to the economy, and issue prompt and appropriate solutions for the monetary policy management.
TD