Speaking at the press conference announcing the results of monetary policy management and banking operations in the first half of 2026, SBV Deputy Governor Pham Thanh Ha stated that, thanks to consistent implementation of monetary policy measures, outstanding credit of the banking system reached over VND 19,970 trillion as of June 26, 2026, representing an increase of 7.41% compared with the end of 2025 and 18.1% year-on-year.
Deputy Governor Pham Thanh Ha speaks at the press conference
Monetary policy managed proactively and flexibly to mitigate external shocks
According to Deputy Governor Pham Thanh Ha, the global economic environment during the first half of 2026 remained highly uncertain, creating significant challenges for an open economy like Vietnam. These developments required the SBV to carefully balance multiple policy objectives, including controlling inflation, supporting economic growth, mitigating the adverse impacts of external shocks, and maintaining macroeconomic stability.
In line with the guidance of the Party, the resolutions of the National Assembly and the Government, and the directions of the Prime Minister, the SBV conducted monetary policy in a proactive and flexible manner during the first half of 2026. Monetary policy was closely coordinated with a reasonably expansionary and well-targeted fiscal policy and other macroeconomic policies to prioritize inflation control, preserve macroeconomic stability, and support sustainable economic growth.
Regarding interest rate management, the SBV maintained its policy rates unchanged throughout the first half of 2026, enabling credit institutions to access funding at reasonable costs and thereby creating favorable conditions for extending credit to the economy. At the same time, the SBV issued directives requiring credit institutions to implement measures to stabilize lending rates and continue with the public dissemination of the lending interest rates on their official websites.
With regard to exchange rate management, the SBV continued to operate the exchange rate flexibly to absorb external shocks while effectively coordinating monetary policy instruments to stabilize the foreign exchange market, thereby contributing to macroeconomic stability and inflation control. As a result, the foreign exchange market remained stable and orderly, legitimate foreign currency demands were fully and promptly met, and the USD/VND exchange rate fluctuated in line with market developments.
Mr. Pham Chi Quang, Director General of the Monetary Policy Department, noted that the exchange rate had increased by only around 0.07% compared with the end of 2025. He described this as an encouraging outcome, particularly when compared with several regional currencies, many of which had fluctuated by between 2% and 7% over the same period.
Mr. Pham Chi Quang, Director General of the Monetary Policy Department
Mr. Quang emphasized that, under all circumstances, the SBV's priority remains controlling inflation, contributing to macroeconomic stability, and ensuring major economic balances. He stressed that this objective would remain unchanged despite ongoing uncertainties in the global economy.
Outstanding credit approaches VND 20 quadrillion
Regarding credit management, Deputy Governor Pham Thanh Ha shared that the SBV has continued to implement credit policies in line with macroeconomic developments to support economic growth while maintaining inflation control and macroeconomic stability.
The SBV has set an overall credit growth target of 15% for 2026, with flexibility to make appropriate adjustments in line with actual economic conditions while ensuring inflation control, macroeconomic stability, economic growth, and the safety of the banking system.
As of June 26, 2026, total outstanding credit for the banking system reached approximately VND 19,970 trillion, up 7.41% compared with the end of 2025 and 18.1% year-on-year.
Mr. Nguyen Xuan Bac, Deputy Director General of the Credit Department, answers questions at the press conference
Regarding credit programs, Mr. Nguyen Xuan Bac, Deputy Director General of the Credit Department, said that the preferential credit program for the agriculture, forestry, and fisheries sectors, initially launched with a scale of VND 15 trillion, has been expanded four times in both funding size and eligible beneficiaries. The program currently has a total scale of VND 185 trillion. As of the end of May 2026, cumulative disbursement had reached approximately VND 219 trillion, equivalent to 118.4% of the program's current scale.
Regarding the social housing credit program under Government Resolution No. 33/NQ-CP, cumulative disbursement reached approximately VND 12.44 trillion as of May 31, 2026. For the preferential lending program supporting home purchases by people under the age of 35, launched on May 31, 2025, cumulative disbursement reached approximately VND 383 billion by May 31, 2026, while outstanding loans stood at around VND 353 billion.
Meanwhile, under the credit program supporting the production, processing, and consumption of high-quality, low-emission rice in the Mekong Delta, cumulative disbursement to eligible borrowers identified by the Ministry of Agriculture and Environment reached approximately VND 4.2 trillion after 12 months of implementation (as of the end of May 2026).