What will be credit growth drivers in 2026? Further breakthroughs The State Bank of Vietnam (SBV) has announced a credit program worth VND500 trillion to support investment in electricity, transportation, and strategic technology infrastructure, with the participation of 23 banks. Under this program, preferential lending rates will be set at least 1–1.5% per annum lower than the average rates applied by banks for the same maturities. The program will be implemented in two phases. In the first phase (2025–2026), banks will allocate approximately VND100 trillion in preferential loans to key national projects across the three targeted sectors. In the second phase (2027–2030), the remaining funds will be disbursed based on project progress and actual capital requirements. With the ambitious target of achieving double-digit economic growth from 2026 onward, the Government and the SBV are mobilizing substantial resources through both monetary and fiscal policies to provide a strong boost. The newly announced program represents a close coordination mechanism, allowing the business community to leverage capital from the central budget for public investment while simultaneously accessing preferential credit from the banking system to implement major infrastructure projects. Importantly, these infrastructure-focused policies are expected to generate a powerful “credit multiplier” effect. Public investment […]