On October 7, 2026, speaking at the State Bank of Vietnam (SBV)’s periodic press conference for the third quarter of 2026, Deputy Governor Pham Thanh Ha said that, amid unprecedented developments in global financial and monetary markets, the SBV had managed monetary policy in a proactive and flexible manner, in close coordination with fiscal policy and other macroeconomic policies, in line with the objectives of controlling inflation, maintaining macroeconomic stability, and supporting sustainable economic growth.
By the end of September 2026, total outstanding credit of the banking system stood at approximately VND 20.75 quadrillion, up nearly 11.6% from the end of 2025. Credit continued to flow into production and business activities, focusing on key drivers of economic growth and small and medium-sized enterprises (SMEs).
Deputy Governor Pham Thanh Ha chairs the press conference
Monetary policy management amid challenges
Regarding interest rate management, Deputy Governor Pham Thanh Ha said that, amid unprecedented developments in global financial and monetary markets that had significantly affected the SBV’s monetary policy management, the SBV had implemented a range of decisive measures to stabilize market interest rates and support businesses and individuals. These measures included maintaining key interest rates to facilitate credit institutions’ access to low-cost funding from the SBV; directing credit institutions to implement measures to stabilize lending rates; and requiring them to continue publishing lending rates on their websites for customers’ reference when seeking loans.
The Deputy Governor said that the exchange rate and the foreign exchange market had come under pressure from unprecedented developments in international markets, as well as domestic challenges and difficulties. In this context, the SBV had managed the exchange rate flexibly to help absorb external shocks, while 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 continued to operate smoothly, with all legitimate foreign currency needs of the economy being fully and promptly met. The USD/VND exchange rate moved flexibly in line with market conditions.
Mr. Pham Chi Quang, Director General of the Monetary Policy Department, speaks at the press conference
Providing further information on monetary policy management, Mr. Pham Chi Quang, Director General of the Monetary Policy Department, said that monetary policy management had faced pressure as interest rate policies around the world had changed rapidly. The SBV would continue to closely monitor global interest rate developments in relation to exchange rate movements, seeking an appropriate balance between the two factors.
Regarding credit management, Deputy Governor Pham Thanh Ha said that the SBV had continued to implement appropriate credit management measures to help control inflation, maintain macroeconomic stability and support economic growth. The SBV had promptly and transparently announced the principles for assigning credit growth targets for 2026, enabling credit institutions to proactively implement them.
At the same time, the SBV had implemented measures to create room for credit institutions to provide credit to priority sectors and meet the financing needs of economic growth, while facilitating lending to certain types of real estate projects in line with the policies and directions of the Party and the State. Specifically, the SBV had instructed credit institutions to proactively extend credit to social housing projects, industrial parks and export processing zones, as well as restaurants, hotels, tourism, ecological and resort projects. Outstanding loans to these sectors would not be included in the real estate credit balance subject to control.
In addition, the SBV has guided commercial banks to proactively exclude loans to enterprises implementing or investing in large-scale and key projects that have broad economic impacts, strong connectivity, and the potential to promote regional and local economic development from their credit growth calculations, thereby contributing to the achievement of the target of double-digit economic growth.
With these comprehensive measures, as of September 30, 2026, total outstanding credit of the banking system stood at approximately VND 20.75 quadrillion, up 11.59% from the end of 2025 and 16.69% year-on-year.
Mr.Nguyen Xuan Bac, Deputy Director General in charge of the Credit Department, speaks at the press conference
Regarding credit growth, Mr. Nguyen Xuan Bac, Deputy Director General in charge of the Credit Department, said that, in general, the credit structure was consistent with the orientations and directions of the Government, the Prime Minister, and the SBV.
Credit extended to economic sectors was distributed as follows: agriculture, forestry and fisheries accounted for 6.08%; industry and construction accounted for 23.1%; and trade and services accounted for 70.11%.
Credit continued to be directed toward production and business activities and priority sectors. Approximately 77.44% of total outstanding credit to the economy was extended to production and business activities, while priority sectors identified by the Government and the Prime Minister accounted for a significant proportion of total credit.
Credit programs have been implemented effectively
Regarding specific credit programs, Mr. Nguyen Xuan Bac said that the social housing lending program under Resolution No. 33/NQ-CP was initially launched with a scale of VND 120 trillion, with the participation of four State-owned commercial banks, namely Vietcombank, Vietinbank, BIDV, and Agribank. To date, 11 commercial banks have participated in the program, bringing its total scale to more than VND 153 trillion.
The lending program for the forestry and fisheries sectors was initially launched with a scale of VND 15 trillion. Following four increases in its scale and an expansion of the participating sectors and eligible borrowers, the program has now been expanded into a credit program for the agriculture, forestry and fisheries sectors, with a total scale of VND 185 trillion.
As of the end of August 2026, cumulative disbursements under the program had reached nearly VND 238.12 trillion, equivalent to 128.7% of the program’s total scale, with 88,434 customer loan disbursements.
Mr. Nguyen Xuan Bac added that, based on the Party’s and State’s policies on tourism development, the SBV had issued a document allowing credit institutions, in 2026, not to include increases in outstanding credit for restaurants, hotels, tourism, ecological and resort projects compared with the end of 2025 in real estate credit outstanding when controlling real estate credit growth.
According to Mr. Nguyen Xuan Bac, excluding newly arising credit in these segments when controlling real estate credit growth would facilitate businesses’ and individuals’ access to credit. This, in turn, would support investment in upgrading accommodation facilities, diversifying tourism products and services, attracting tourists, improving visitor experiences, and enhancing the competitiveness of Vietnam’s tourism sector. It would also support better access to credit to meet production and business needs, create added value and employment, and contribute to the achievement of the double-digit economic growth target.