At a press conference on banking sector performance in 2025 and tasks for 2026, held in Hanoi on December 29, SBV Deputy Governor Pham Thanh Ha said that as of December 24, 2025, total outstanding credit to the economy exceeded VND18.4 quadrillion (about US$670 billion), up 17.87% compared to the end of 2024.

According to the Deputy Governor, throughout 2025, the central bank closely monitored macroeconomic developments and implemented credit policies in a timely and adaptive manner. From the beginning of the year, the SBV set an initial credit growth target of around 16% for the entire banking system, while allowing for adjustments in line with actual economic conditions. The management of credit growth continued to be renewed more transparently and openly, enabling credit institutions to plan and implement their lending activities.

Credit flows were directed toward production and business activities, priority sectors, and key growth drivers in line with directives from the Government and the Prime Minister. These measures helped improve access to bank credit for both businesses and individuals, thereby contributing to economic recovery and growth.

In response to severe impacts caused by natural disasters and floods during the year, the SBV promptly instructed credit institutions to review affected borrowers, assess their debt repayment capacity, and apply appropriate support measures. These efforts aimed to help businesses and households overcome difficulties, stabilise production, and resume normal operations.

Regarding credit structure, Ha noted that lending continued to align well with the structure of the economy. By the end of October 2025, outstanding loans to the agriculture, forestry and fisheries sector accounted for 6.15% of total credit, while the manufacturing and processing industry made up 12.39%, and construction 7.47%, including major infrastructure projects prioritised by the Government. Wholesale and retail trade remained the largest recipient of credit, accounting for 22.24% of total outstanding loans.

Priority sectors such as agriculture and rural development, as well as small and medium-sized enterprises, continued to hold a significant share of total credit. Notably, lending to supporting industries and high-tech enterprises recorded strong growth.

Government-directed credit programmes were also actively implemented. The credit package for the forestry and fisheries sectors was expanded significantly to VND185 trillion from VND15 trillion, while the programme supporting high-quality, low-emission rice production in the Mekong Delta recorded cumulative disbursement of around VND3.1 trillion by the end of November.

On interest rate management, the SBV maintained its policy rates to ensure low-cost access to central bank funding. Credit institutions were encouraged to cut operating costs and enhance digital transformation, contributing to a continued decline in lending rates. Exchange rate management was undertaken, using coordinated monetary policy tools to stabilise the foreign exchange market, support macroeconomic stability, and control inflation.

Credit growth on track for 18-20% in 2025

Credit growth of 18-20% for 2025 appears achievable as banks’ outstanding loans continued to expand over the first nine months.