The SBV has maintained a proactive, flexible, timely, and effective monetary policy in close, harmonious, and coordinated combination with fiscal and other measures to ensure stability, Deputy Governor Pham Thanh Ha said.

The first-half growth was the strongest in the 2021–2025 period, with inflation at 3.27%, within the National Assembly’s ceiling limit. Credit jumped 9.8% from late 2024 and 19.75% year-on-year as of July 29, while monetary and foreign exchange markets held steady.

Benchmark interest rates were unchanged, with the SBV using targeted tools to maintain liquidity, said Pham Chi Quang, head of the Monetary Policy Department. Average deposit rates for new transactions at commercial banks remained stable, at 4.18% per annum, as of July 20, while lending rates dropped 0.4 percentage point to 6.53% per annum. Banks rolled out rate-cut offers and published rates online to boost transparency and access to capital.

The SBV plans to maintain tight policy coordination to stabilise the monetary market, prioritise credit for production, business and consumption, and ensure liquidity. It will ramp up inspections to enforce rate compliance, tackle violations, and curb unfair competition, while flexibly managing exchange rates to counter global pressures, he said.

He called on credit organisations to cut costs and profits to lower lending rates further, supporting households and firms. Credit growth must target manufacturing, business, and priority sectors while loans be restricted for high-risk sectors.

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.