On the afternoon of April 4, at the regular government press conference in March 2026, Deputy Governor of the State Bank of Vietnam Pham Thanh Ha said that recently, the international situation has become complicated and unpredictable, causing oil prices to rise, creating pressure on inflation in countries, which has posed many challenges for monetary policy management and banking operations.
The SBV has synchronously coordinated monetary policy tools to fully meet the payment and payment needs of the economy, maintaining the stability of the monetary market.
In which, the SBV continues to maintain the operating interest rates to create conditions for credit institutions (CIs) to access capital from the SBV at low cost to contribute to supporting the economy.
Regarding market interest rates, the SBV has Official Dispatch No. 2342/NHNN-CSTT dated March 30, 2026, requesting credit institutions and foreign bank branches to focus on implementing solutions to stabilize the market interest rate level, contributing to stabilizing the monetary market:
First, strictly implement the SBV's regulations on interest rates.
Second, strengthen internal control and inspection activities, rectify and strictly and promptly handle violations of interest rate regulations.
Third, balance capital sources - use capital to ensure liquidity and solvency of credit institutions, without disrupting the market interest rate level.
Fourth, continue to publish loan interest rate information on the bank's electronic information page to provide information for customers to refer to when accessing loans.
However, the general level of interest rates is under high pressure to increase due to the impact of many factors, such as capital mobilization of the entire credit institution system may be affected and competition from other investment channels, leading to deposit interest rates tending to increase from the end of 2025 after a period of stability before that.
Credit growth higher than capital mobilization growth shows that credit capital demand is at a high level to meet capital needs for the economy, especially in the context of double-digit growth targets.
In the coming time, many major international organizations assess that the world situation continues to be uncertain, difficult to predict, with many risks affecting growth, inflation and global economic stability.
In that context, the SBV will continue to closely monitor the developments of the world and domestic economic situation to manage monetary policy (MP) proactively, flexibly, synchronously, closely coordinate with reasonable, focused, and key expansion fiscal policy and other macroeconomic policies to firmly prioritize the goal of controlling inflation, contributing to maintaining macroeconomic stability and supporting sustainable economic growth.
Regarding interest rates, the SBV will closely monitor domestic and international economic developments and market interest rates to manage interest rates in accordance with macroeconomic developments, inflation and monetary policy objectives; flexibly use tools and measures to support liquidity for credit institutions; continue to require credit institutions to seriously publicize lending interest rates.
On the side of credit institutions, it is necessary to seriously implement measures according to the direction of the SBV in Official Dispatch No. 2342/NHNN-CSTT dated March 30, 2026 to stabilize the interest rate level, while ensuring a balance between credit growth and capital mobilization growth, without disrupting the interest rate level in the market.
