On July 3, 2026, in Hanoi, the State Bank of Vietnam (SBV) held a conference to review the banking sector’s performance in the first half of 2026 and outline key tasks for the remainder of the year. The Conference was chaired by Governor Pham Duc An and attended by members of the SBV's Board of Management, leaders of SBV departments and affiliated units, representatives of the Vietnam Banks Association and industry organizations, credit institutions (CIs), and foreign bank branches operating in Vietnam. The Conference was also connected via videoconference to SBV regional branches nationwide.
Governor Pham Duc An chairs the Conference
Monetary policy continues to support the double-digit growth target
In his opening remarks, Governor Pham Duc An noted that despite continued uncertainties and unprecedented developments in the global economy, Vietnam achieved encouraging socio-economic results during the first half of 2026. Economic growth accelerated while macroeconomic stability and major economic balances were maintained. Many key economic indicators recorded positive outcomes and received favorable assessments from international organizations. Vietnam's GDP expanded by 8.18% in the first half of 2026, compared with 7.63% during the same period in 2025. According to the Governor, the effective conduct of monetary policy and banking operations made an important contribution to these achievements.
Governor Pham Duc An delivers his remarks at the Conference
The Governor emphasized that, over the past six months, the SBV had directed the banking sector to implement comprehensive and effective credit and interest rate policies to support production and business activities, thereby contributing to the Government's objective of achieving double-digit economic growth in 2026 while ensuring the safety and soundness of the banking system.
He requested a comprehensive assessment of the banking sector’s performance over the past six months, the identification of remaining challenges and bottlenecks, and the formulation of appropriate policy responses and implementation measures for the remainder of the year. He also called on the entire banking sector to demonstrate the highest level of determination and responsibility in successfully fulfilling the sector's objectives and tasks for 2026.
Deputy Governor Doan Thai Son presents the summary report at the Conference
Presenting the summary report, Deputy Governor Doan Thai Son stated that during the first half of 2026, the SBV maintained its policy interest rates at low levels, enabling credit institutions to access funding at reasonable costs and creating favorable conditions for expanding credit to the economy.
Regarding credit management, the SBV continued implementing consistent credit policies to channel credit toward production and business activities, priority sectors, and new growth drivers in line with the directions of the Government and the Prime Minister. These measures also helped improve access to bank credit, thereby supporting economic growth.
As of June 29, 2026, total outstanding credit of the banking system had reached approximately VND 20.03 quadrillion, up 7.73% compared with the end of 2025. The credit structure remained aligned with the structure of the economy, with lending continuing to focus on production and business activities, as well as priority sectors. By the end of May 2026, approximately 77% of total outstanding credit had been extended to production and business activities. Several priority sectors accounted for substantial shares of total credit, including agriculture and rural development (22.09%) and small and medium-sized enterprises (19.84%). Meanwhile, a number of sectors recorded strong credit growth, notably exports (20.53%) and high-tech enterprises (26.36%).
The SBV also continued strengthening the inspection and supervision of credit institutions while further improving supervisory approaches to enhance their effectiveness. Credit institutions maintained their focus on resolving non-performing loans, while digital transformation and the promotion of cashless payments continued to record encouraging progress, contributing to the realization of the national digital transformation goals.
At the Conference, representatives of SBV departments, SBV regional branches, credit institutions, and the Vietnam Banks Association also shared their assessments and recommendations.
Members of the SBV's Board of Management and leaders of SBV units attend the Conference
Striving to successfully achieve the banking sector's objectives for 2026
In his closing remarks, Governor Pham Duc An reaffirmed that, in order to contribute to the successful implementation of the socio-economic development objectives set by the Party, the State, and the Government for 2026, the SBV would remain firmly committed to the policy direction set out in Directive No. 01/CT-NHNN issued at the beginning of the year. Monetary policy would continue to prioritize inflation control, macroeconomic stability, and sustainable economic growth while fostering innovation in both policymaking and implementation, maintaining the highest level of determination to fulfill all assigned objectives and tasks.
The Governor highlighted several key priorities for the remainder of the year. These include closely monitoring developments in the global and domestic economy as well as financial and monetary markets to ensure the proactive, flexible, timely, and effective conduct of monetary policy; prioritizing resources to further improve the legal framework and institutional mechanisms while streamlining administrative procedures and business conditions to facilitate production and business activities; finalizing the Project on further modernizing the banking system, restructuring poor-performing credit institutions, improving enterprises’ access to bank credit, particularly for small and medium-sized enterprises, and formulating the Banking Sector Development Strategy to 2030.; accelerating digital transformation and banking modernization while enhancing sector-wide databases and strengthening the security, safety, and resilience of banking operations; and improving policy communication to strengthen public confidence and promote greater understanding of the banking sector’s policies and operations. The Governor stressed that effective policy communication is the shared responsibility of the SBV, its regional branches, and all credit institutions
Based on these priorities, the Governor assigned a number of key tasks to different units across the banking sector.
For SBV departments, he requested continued close monitoring and assessment of domestic and international economic developments and financial markets; timely updates on policy directions issued by competent authorities to promptly identify emerging issues and formulate appropriate policy responses; and further strengthening inspection, examination, and supervision of credit institutions.
For SBV regional branches, he requested close monitoring of local socio-economic developments and monetary and banking activities in order to effectively guide and supervise credit institutions in implementing monetary, credit, foreign exchange, and gold market policies. Regional branches should also proactively advise the SBV and local authorities on issues relating to monetary and banking activities, thereby enhancing the effectiveness of banking operations in their respective localities.
For credit institutions, the Governor called for continued efforts to promote safe and effective credit growth; review and reduce operating costs to create room for lower lending rates; diversify credit products to better meet the financing needs of businesses and individuals; strengthen financial capacity; effectively manage and resolve non-performing loans; accelerate digital transformation and the development of cashless payment services through the application of advanced technologies; improve access to modern banking services; and further enhance risk management while ensuring the security, safety, confidentiality, and uninterrupted operation of information systems and data infrastructure.