With the strong and synchronized implementation of several solutions, as of June 30, 2025, the total credit outstanding of the whole banking system reached over 17,200 trillion VND, an increase of 9.9% against that of the end of 2024, and up by 19.32% as compared to the same period in 2024. This was the highest credit growth rate for several years. This information was provided at the press conference chaired by Deputy Governor Pham Thanh Ha to inform about the banking performance results in the first 6 months of 2025 organized by the State Bank of Vietnam (SBV) in the morning of July 8, 2025.
Lending interest rates continue to experience a downward trend
Delivering his opening speech at the press conference, Deputy Governor Pham Thanh Ha informed that in the first months of 2025, the global economic growth experienced a slow-down, affected by various factors ranging from the fast changing tariff policies to the increasing geopolitical tensions, making significant impacts on Vietnam’s economy.
Deputy Governor Pham Thanh Ha informed that, during the recent months, the SBV had continued to review and develop the restructuring plans for the 15 SBV regional branches, ensuring harmonization with the mergers of the provincial administrative units.
In addition, based on the macroeconomic developments, the domestic and foreign markets’ situations, and having closely followed the directions of the National Assembly, the Government and the Prime Minister, the SBV has been operating the monetary policy in a proactive and flexible manner, in collaboration with the fiscal policy and other macroeconomic policies, aiming at controlling the inflation, maintaining the stability of the macroeconomy, supporting the economic recovery, promoting the economic growth, and ensuring the safety of the credit institutions’ system.
Specifically, regarding the interest rate management, the SBV had continued to maintain the key interest rates, creating favorable conditions for the credit institutions to access capital at low costs, thereby supporting the economy. In addition, the SBV had directed the credit institutions to further cut down on their operational costs, enhancing the application of information technology and other measures aimed at reducing the lending interest rates; demonstrating their willingness to share a portion of their profits to enable businesses and individuals to access more bank credit with low interest rates, helping to boost the business expansion and the production growth.
As a result, the lending interest rates had continued to decrease; the average lending interest rate for new transactions at the commercial banks is currently at 6.29% p.a., a decrease of 0.64% as compared to the end of 2024.
Regarding the exchange rate management, according to the SBV Deputy Governor, in the context that the domestic market has been experiencing big pressures from the global situations, the SBV has sold foreign currencies to the credit institutions when necessary to support the market liquidity and the foreign currency demands of the economy, maintaining the stability of the foreign currency market, contributing to the stability of the macroeconomy, controlling the inflation and absorbing the external shocks.
Thereby, the foreign exchange market has remained stable; the foreign currency liquidity has been smooth; the foreign currency demands of the economy have been fully met; and the exchange rates have been fluctuating flexibly in accordance with the market conditions.
Total credit outstanding of the whole system reached over 17,200 trillion VND
Deputy Governor Pham Thanh Ha went on to inform that, in order to enable the credit institutions to supply more credit to meet the demands for the economic growth, on 30 December 2024, the SBV made public notifications about the credit growth targets for the credit institutions in 2025, allowing the credit institutions to take proactive steps in their implementation.
Thanks to the robust and synchronized implementation of those solutions, as of June 30, 2025, the total credit outstanding of the whole banking system had reached over 17,200 trillion VND, an increase of 9.9% against that of the end of 2024, and up by 19.32% as compared to the same period in 2024. This was the highest credit growth rate since 2023.
Also, over the recent months, the credit institutions have continued to actively disburse capital for the credit programs under the guidance of the Government and the Prime Minister, such as the Credit Program for the Agriculture, Forestry and Fisheries Sectors, the Program of 1 million hectares of high-quality, low-emission rice in the Mekong Delta, etc.
An overview of the meeting
Regarding the gold market management, SBV Deputy Governor Pham Thanh Ha said that, in the early months of 2025, due to various factors, the international gold prices continuously broke record highs. With the synchronous measures implemented by the SBV and the active coordination of relevant units, as of April 2025, the gap between the selling price of the SJC-branded gold bullions and the international gold price is narrowed at an appropriate level.
In addition, the restructuring of the credit institution system continues to be promoted, the stability and safety of the credit institution system continues to be maintained, and the legitimate rights of depositors are guaranteed. The legal system on currency and banking operations continues to be improved, ensuring the safe of the banking system and meeting international standards
The legal framework and policies in payment operations continue to be improved, promoting digital transformation and non-cash payments, meeting the payment demands of people and businesses, contributing to the development of the country's economy.
The Infrastructure of digital transformation in the banking sector is focused on investing and upgrading. The diverse digital ecosystem has provided many attractive services to users.
The SBV Deputy Governor informed that the non-cash payment operations continued to reach positive results. In the first five months of 2025, Non-cash transactions had increased by 45.44% in the number of transactions and by 25.21% in the transaction value; transactions via the Internet had risen by 46.09% and 34.46% in the number of transactions and the transaction value respectively. Measures to ensure security and safety in payment operations have been strengthened.
HY