At the Government’s regular meeting for October 2025, the State Bank of Vietnam Governor briefed the cabinet and the Prime Minister issued directions for monetary management through end-2025 and early 2026, focusing on macroeconomic stability, inflation control and supporting full-year GDP growth above 8%. The policy steer calls for proactive and flexible monetary policy coordination with a reasonably expansionary, targeted fiscal stance. Priorities include safeguarding the value of the Vietnamese đồng, maintaining “reasonable” and flexible exchange rates and interest rates, and keeping gold and foreign-exchange markets stable with tight risk controls amid heightened pressures. Credit should be directed to production and business activity and other growth drivers, with credit packages maintained for priority areas such as social housing, strategic infrastructure and flood recovery, while lending to risk-prone sectors including real estate is to be closely controlled to avoid institution-level and systemic risks. Macro indicators cited at the meeting included average consumer price inflation of 3.27% in the first 10 months and nine-month GDP growth of 7.85%, with fourth-quarter GDP growth needing to reach at least 8.4% to achieve annual growth above 8%.
State Bank of Vietnam 2025-11-08
State Bank of Vietnam directed to run flexible, inflation-focused monetary policy and tighten controls on gold, foreign exchange and risky credit
The State Bank of Vietnam Governor outlined strategies for late 2025 and early 2026, emphasizing macroeconomic stability, inflation control, and GDP growth above 8%. The approach includes proactive monetary policy, flexible exchange and interest rates, and stable gold and foreign-exchange markets. Credit will focus on production, business, and priority areas, while lending to risk-prone sectors like real estate will be tightly controlled.