The State Bank of Vietnam published an account of a meeting between Governor Pham Duc An and International Monetary Fund Resident Representative for Vietnam, Laos and Cambodia Jochen Schmittmann, focused on Vietnam’s macroeconomic outlook, monetary policy and financial sector development. The central bank indicated that monetary policy would continue to be managed proactively and flexibly but with caution in 2026 as inflation pressures could increase, with inflation control and macroeconomic stability remaining the core anchors while supporting sustainable growth. The IMF representative said Vietnam had maintained positive growth, controlled inflation and preserved macroeconomic stability despite global uncertainty, but pointed to risks from geopolitical tensions, trade volatility and commodity price swings, especially in energy and food. In response to IMF recommendations on the size of credit and the economy’s reliance on bank lending, the Governor said Vietnam would continue to guide credit in line with macro stability and system safety while developing the capital market and strengthening the legal framework for the corporate bond market to improve transparency, discipline, safety and sustainability, diversify medium and long term funding channels and gradually reduce excessive dependence on bank credit. He also said the banking system would remain central to funding the economy but should operate with tight risk management, good credit quality and an appropriate credit structure. The meeting also covered data and statistics. The Governor said the State Bank of Vietnam would work to improve the quality, completeness and timeliness of data, strengthen coordination with relevant ministries and agencies, and gradually align data systems and methodologies with international standards. He also asked the IMF and its resident office to continue regular policy dialogue and expand technical assistance and capacity building in monetary policy operations, statistics, financial stability and banking supervision.
State Bank of Vietnam 2026-05-07
State Bank of Vietnam outlines cautious 2026 monetary policy stance and seeks continued IMF technical support
The State Bank of Vietnam discussed with the IMF Resident Representative Vietnam’s macroeconomic outlook, monetary policy and financial sector development, confirming that 2026 monetary policy will remain proactive, flexible and cautious, with inflation control and macroeconomic stability as core anchors. The Governor outlined plans to guide credit in line with macro stability while developing capital and corporate bond markets to diversify medium- and long-term funding and reduce reliance on bank credit, and committed to improving data quality and alignment with international standards. The State Bank also requested continued IMF policy dialogue, technical assistance and capacity building in monetary policy, statistics, financial stability and banking supervision.