State Bank of Vietnam briefs IMF Article IV mission on 2025 monetary policy stance and forthcoming systemic risk circular

The State Bank of Vietnam hosted the International Monetary Fund’s Article IV mission for its 2025 Vietnam consultation, exchanging views on macroeconomic conditions, monetary policy management and priority policy recommendations against a backdrop of elevated global risks. The central bank reported strong growth in the first half of 2025 alongside controlled inflation, a trade surplus, accelerated public investment and stable foreign direct investment, while flagging risks from global instability, trade protectionism and geopolitical developments. The IMF highlighted heightened international uncertainty and recommended strengthening macroeconomic buffers, modernising the policy framework and improving the business environment, while noting Vietnam’s ongoing institutional reform programme and the importance of productivity gains for medium-term growth. The State Bank of Vietnam reiterated plans to run monetary policy proactively and flexibly in coordination with fiscal and other macro policies, steer credit toward productive and high-spillover sectors, and restrain lending to higher-risk areas; it also outlined progress on a new circular on identifying, assessing and controlling systemic risk and pointed to the amended Law on Credit Institutions expected to be approved by the National Assembly as a basis for addressing non-performing loans and reinforcing system safety. The IMF indicated it will take the central bank’s inputs into account as it finalises the Article IV report for IMF management, and it may continue dialogue and update the report if major developments occur, including significant changes in US tariff policy or other macroeconomic factors.