Macroeconomic stability, monetary policy operates proactively and flexibly
At the press conference announcing the results of monetary policy (MP) and banking operations in the first quarter of 2026, Deputy Governor of the State Bank of Vietnam (SBV) Pham Thanh Ha said that in the context of a volatile world economy, the Banking sector has operated proactively and flexibly, contributing to controlling inflation, stabilizing the macroeconomy and supporting growth.
According to the SBV, in the first months of 2026, the international context continues to be complicated with increasing geopolitical tensions, especially conflicts in the Middle East, putting pressure on global commodity and financial markets. High oil prices, the risk of supply chain disruption, make central banks around the world more cautious in managing monetary policy.
In that context, the Vietnamese economy still recorded positive growth. Gross domestic product (GDP) in the first quarter of 2026 increased by 7.83% compared to the same period last year, higher than the 7.07% level of the same period in 2025. Inflation continued to be controlled when the consumer price index (CPI) increased by 3.51%, and core inflation increased by 3.63%.
The SBV representative emphasized that this result has an important contribution from monetary policy management in a proactive, flexible direction, closely coordinated with fiscal policy and other macroeconomic policies. The overarching goal is to control average inflation of about 4.5% in 2026, while supporting economic growth.
The SBV has managed open market operations flexibly, ensuring liquidity for the system of credit institutions (CIs), contributing to stabilizing the monetary market. Management tools are used synchronously, in accordance with market developments at home and abroad.
More than 20 banks reduce interest rates after SBV's direction
In interest rate management, the SBV continues to maintain the operating interest rates in the first months of 2026 to create conditions for credit institutions to access capital sources at low costs, thereby supporting the economy.
Along with that, the SBV requires credit institutions to publicize lending interest rate information to increase transparency, helping people and businesses easily access information when borrowing capital.
On March 30, 2026, the SBV issued a document requesting credit institutions to implement solutions to stabilize the market interest rate level. Following that, at the meeting on April 9, 2026 chaired by the SBV Governor, commercial banks agreed on the policy of reducing interest rates to support businesses and people.
To date, more than 20 commercial banks have implemented reductions in deposit interest rates and lending interest rates after this meeting, showing the high consensus of the system in implementing the direction of the Government and the SBV.
Regarding the exchange rate, the foreign exchange market in the first quarter of 2026 is generally stable. The USD/VND exchange rate tends to decrease before the Lunar New Year thanks to reduced international pressure and improved foreign currency supply and demand. However, the market is still affected by external factors such as US monetary policy, geopolitical fluctuations and global trade.
In that context, the SBV manages the exchange rate flexibly, synchronously coordinates monetary policy tools to absorb external shocks, contributing to stabilizing the foreign exchange market and controlling inflation. The legitimate foreign currency needs of the economy are fully and promptly met.
Credit increases by more than 3%, oriented towards the manufacturing sector, priority
Regarding credit, the SBV orients credit growth for the entire system in 2026 to be about 15%, with adjustments suitable to actual developments to ensure inflation control, macroeconomic stability and system safety.
Right from the end of 2025, the SBV announced the principle of assigning credit growth targets for credit institutions to proactively implement. At the same time, management agencies require strict control of credit into potentially risky sectors, especially real estate, in order to direct capital flows into production and business and priority sectors.
Key credit programs continue to be implemented synchronously. In which, the credit program for the forestry and fishery sector has been increased in scale from 15,000 billion VND to 185,000 billion VND. The program for lending to link production, processing and consumption of high-quality rice in the Mekong Delta is also being promoted.
Programs such as social housing loans, supporting young people under 35 years old to buy houses, a credit package of 500,000 billion VND for businesses investing in infrastructure and digital technology... are being actively implemented by credit institutions.
Thanks to synchronous solutions, by March 31, 2026, outstanding credit balance of the entire system reached over 19.18 million billion VND, an increase of 3.18% compared to the end of 2025. Some sectors with large proportions continue to grow quite well such as agriculture, rural areas; small and medium enterprises; wholesale and retail; industry and construction.
