Amid strong credit growth in 2025, stakeholders have increasingly raised concerns about the risks posed by the scale of capital flows from credit institutions into the broader economy, even as a double‑digit GDP growth target has been set for 2026. Banks can hardly keep pumping out capital The State Bank of Vietnam (SBV) has announced a credit growth target of 15% for 2026, noting that the figure remains “subject to revision according to the actual situation.” This target is lower than the 16% set for 2025. At a recent press briefing, SBV Deputy Governor Pham Thanh Ha stated that the central bank had allocated additional credit growth quotas in the second half of 2025, when macroeconomic conditions were relatively favorable, with the overarching aim of supporting economic expansion. By year-end 2025, credit growth is estimated to exceed 19% compared with end‑2024, equivalent to VND18.5 trillion in outstanding loans. “This figure is quite satisfactory given the target, with interest rates, liquidity, and real exchange rates remaining stable,” Ha remarked. In their year‑end reports, leaders of state‑run banks acknowledged facing “dual objectives” in 2025: accelerating credit growth to support economic expansion while simultaneously reducing lending interest rates. Traditionally, the central bank has […]
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