State Bank of Vietnam issues 2026 banking sector directive targeting around 4.5% inflation and about 15% credit growth

The State Bank of Vietnam has issued a directive setting out the banking sector’s key tasks for 2026, instructing SBV units, credit institutions and foreign bank branches to implement monetary policy and banking activity measures aligned with national socio-economic priorities, with the stated aims of maintaining macroeconomic stability, controlling inflation, supporting sustainable growth and safeguarding system stability. Priorities include proactive and flexible monetary policy coordinated with fiscal and other macro policies, with inflation targeted at an average of about 4.5% in 2026. Credit is to be administered in line with macroeconomic and money market developments, with system-wide credit growth expected at about 15% and adjustable up or down depending on conditions; the directive also emphasises foreign exchange and reserves management to support market stability. Further workstreams cover improving the monetary and banking legal framework and administrative procedures, accelerating digital transformation and non-cash payments while strengthening payment and information security, upgrading inspection, supervision and early-warning capabilities, controlling and resolving bad debts and maintaining non-performing loans at a safe level, implementing the national anti-money laundering and counter-terrorist financing action plan and preparing for the Asia Pacific Group’s third multilateral review, and continuing sector development and financial inclusion initiatives. Specific tasks were allocated across SBV central and regional entities and credit institutions, including restructuring and handling bad debts, strengthening internal audit and enforcement against legal violations, SBV organisational and personnel arrangements, international cooperation, and currency issuance and treasury operations.