The State Bank of Vietnam was tasked by Prime Minister Pham Minh Chinh to support a 2025 GDP growth objective of 8.3–8.5% through a proactive and flexible monetary stance, including potential adjustments to the 2025 credit growth target and measures to lower borrowing costs. The direction was set out at a government conference on 2025 growth scenarios where the Ministry of Finance presented two paths, including a higher-growth scenario requiring stronger momentum in the second half. Under that approach, the central bank is to adjust the 2025 credit growth indicator, cited at around 16%, if needed, ensure credit is available for priority sectors and projects, and steer lending towards growth drivers such as the digital, green and circular economy and social housing. Implementation is also to be stepped up for a VND 500 trillion lending package for infrastructure and digital technology investment and a separate credit package for people under 35 to buy social housing, alongside actions to stabilise the exchange rate and keep inflation below about 4.5%. The Prime Minister asked the Ministry of Finance and the Government Office to consolidate feedback and submit a Government resolution to adjust and assign GDP growth targets for the third quarter, fourth quarter and the second half of 2025 for the country and for each locality, sector and field.
State Bank of Vietnam 2025-07-16
State Bank of Vietnam told to flex 2025 credit growth target around 16% and deploy VND 500 trillion lending package to support higher GDP growth scenario
Prime Minister Pham Minh Chinh has directed the State Bank of Vietnam to support a 2025 GDP growth target of 8.3–8.5% through proactive monetary policy, including adjusting the credit growth target and reducing borrowing costs. The central bank must ensure credit for priority sectors and implement a VND 500 trillion lending package for infrastructure and digital technology. Efforts will also focus on stabilizing the exchange rate and keeping inflation below 4.5%.