At a recent press briefing for the third quarter of this year, Deputy Governor Pham Thanh Ha said the SBV continues to keep policy interest rates low to support businesses and households, while directing credit institutions to cut operating costs and expand technology adoption to lower lending rates.

On the foreign exchange market, the SBV representative noted the bank has managed the exchange rate flexibly and coordinates monetary policy tools to ensure smooth market operations and fully meet the legitimate foreign exchange needs of the economy.

On July 31, the SBV proactively raised the credit growth target for 2025 for credit institutions, based on transparency and publicity, without requiring proposals from them. Ha emphasized this as a proactive measure to meet the economy’s capital needs.

He also stressed that banks should ensure safe and effective credit growth, focusing on production and business sectors and key growth drivers, closely controlling risks, and facilitating capital access for customers.

In addition to priority lending programs, Ha said the SBV promotes credit for agriculture, forestry, and fisheries; the production and consumption of high-quality, low-emission rice in the Mekong Delta; and housing loans for social housing, workers’ housing, and renovation of old apartment buildings under Resolution 33.

According to Pham Chi Quang,  Director of the SBV’s Monetary Policy Department, by the end of September, total outstanding loans in the economy reached about VND17.4 quadrillion, up 13.37% compared to the end of 2024, equivalent to nearly VND2.1 quadrillion in net lending over nine months.

On the credit structure over the past nine months, Ha Thu Giang, Director of the SBV’s Department of Credit for Economic Sectors, said that loans to three major economic sectors accounted for 6.23% for agriculture, forestry, and fisheries; 23.97% for industry and construction; and 69.8% for trade and services, compared with 6.84%, 25.65%, and 67.51%, respectively, in the same period of 2024.

She emphasized that credit continues to be directed toward production and business activities, particularly priority sectors, with about 78% of total outstanding loans in the economy serving production and business purposes.

Deputy Governor Pham Thanh Ha concluded that the SBV will continue to conduct monetary policy proactively, flexibly, timely, and effectively, in harmony with fiscal policy, prioritizing economic growth while maintaining macroeconomic stability and controlling inflation.

SBV raises 2025 credit growth quota to support economic expansion

The State Bank of Vietnam (SBV) on July 31 announced that it has raised the credit growth target for commercial banks to support economic growth amid controlled inflation, in line with the Government’s directives.