The above content was informed by Deputy Governor of the State Bank of Vietnam (SBV) Pham Thanh Ha at the regular Government press conference in February 2026 held on the afternoon of March 4 in Hanoi.
At the press conference, Deputy Governor of the SBV Pham Thanh Ha shared about the direction of monetary policy and exchange rate in the context of volatile global economy and complex geopolitical conflicts in the Middle East.
Deputy Governor Pham Thanh Ha said that the monetary market is basically stable. Interest rates fluctuate according to the supply-demand relationship and according to the SBV's records, lending rates for new loans are currently trending downwards.
Credit grew positively right from the beginning of the year. By February 26, 2026, the scale of credit provided by the banking system to the economy reached 13.86 million billion VND, an increase of 1.4% compared to the end of 2025 and compared to the same period, credit increased by about 20.18%.
The exchange rate fluctuates flexibly in accordance with market conditions. "All legitimate needs of the economy in foreign currencies are fully and promptly met by credit institutions (CIs)," said Mr. Pham Thanh Ha.
The Deputy Governor said that by the end of February 2026, the average exchange rate in the banking market was about 26,044 VND/USD, down about 0.94% compared to the end of 2025.
Due to the volatile situation in the Middle East, in the first 3 days of this week, the exchange rate increased compared to the end of 2025. This afternoon (March 4), the interbank exchange rate is about 26,220 VND/USD; foreign currency supply is relatively positive in the first 2 months of the year.
In the international context that has been and is developing very complicatedly and unpredictably, while our economy has a high degree of openness and is directly affected; at the same time, we must both maintain high economic growth and maintain macroeconomic stability, the escalation of geopolitical tensions and military conflict in the Middle East region has caused oil prices to rise, which creates inflationary pressure.
Mr. Pham Thanh Ha also said that major central banks in the world, especially the US Federal Reserve (Fed), are becoming more cautious in lowering interest rates as well as loosening monetary policy.
Even some central banks have signaled that they can consider the possibility of raising interest rates right in March if inflation may increase in the near future," Mr. Pham Thanh Ha added.
The Deputy Governor of the SBV assessed that policy changes have created pressure on the exchange rate and domestic foreign exchange market. In the coming time, the SBV will continue to closely monitor the developments of the situation to operate proactively, flexibly and closely coordinate with fiscal policy and other macroeconomic policies to continue to prioritize macroeconomic stabilization, inflation control and support sustainable economic growth.
Regarding interest rates, continue to manage in accordance with market developments, macroeconomics, inflation and monetary policy objectives. The SBV will continue to require credit institutions to publicly disclose lending interest rates.
Regarding the exchange rate, continue to operate flexibly, in accordance with market conditions, coordinate synchronously with monetary policy tools to stabilize the market and ensure smooth operation of the foreign exchange market.
Regarding credit, credit management is appropriate to macroeconomic developments and the money market. At the same time, the SBV will direct credit institutions to grow credit safely and effectively, directing credit to production and business sectors, priority sectors, and sectors that are the driving force of economic growth. Strictly control credit for potentially risky sectors.
