At a workshop on mobilising capital for double-digit growth, State Bank of Vietnam Deputy Governor Pham Thanh Ha and Monetary Policy Department official Nguyen Le Nam set out the central bank’s approach to supporting Vietnam’s 2026-2030 objective of average GDP growth of at least 10% a year while prioritising macroeconomic stability and inflation control. Officials highlighted heightened external risks, including Middle East conflict-related energy price shocks and more cautious rate-cut expectations among major central banks, as drivers of inflation, exchange-rate and domestic money-market pressures. Against this backdrop, the State Bank of Vietnam will run monetary policy proactively and flexibly in close coordination with fiscal policy, calibrate credit in line with macro and market developments, and instruct credit institutions to expand lending safely while steering credit toward production and priority sectors and new growth drivers such as the digital, green and circular economy, alongside tighter control of lending to higher-risk areas. The central bank also pointed to continued implementation of government-directed credit programmes and further work to improve the banking legal framework, including amendments and new rules on credit activities to better align with market conditions and international standards and support access to bank funding.
State Bank of Vietnam 2026-03-12
State Bank of Vietnam signals inflation-first monetary policy and targeted bank credit to support 2026-2030 10% GDP growth goal
At a workshop, State Bank of Vietnam officials outlined strategies to support Vietnam's 2026-2030 GDP growth target of at least 10% annually, focusing on macroeconomic stability and inflation control. They emphasized proactive monetary policy coordination with fiscal measures, safe credit expansion, and steering lending towards priority sectors like digital and green economies. The central bank also plans to enhance the banking legal framework to align with market conditions and standards.