Credit in the first quarter of 2026 surged by 3.18% against late last year to VND19.18 quadrillion (US$730 billion), supporting Vietnam’s GDP growth of 7.83%, Pham Thanh Ha, deputy governor of the State Bank of Vietnam (SBV), said at an event on April 14.

Vietnam’s central bank is tightening the reins on credit growth this year, but several dynamic private lenders are still setting ambitious lending targets, signalling a sharply differentiated outlook across the banking sector.

The State Bank of Vietnam (SBV) plans to steer credit growth across the banking system to around 15% in 2026, with room for adjustment in line with macroeconomic conditions, inflationary pressures and banking system safety, aiming to balance growth support with financial stability.

Total outstanding loans of credit institutions in Ho Chi Minh City as of the end of last year were worth over VND3.9 quadrillion (US$153.3 billion), a 11.3% increase for the year, according to the central bank.

Credit growth has accelerating since the beginning of June, signaling that the 15% growth target is achievable, if the rate is maintained in the remaining months of this year.

Despite low interest rates, bank deposits have reached a new historic peak of VND16 quadrillion (US$628.5 billion) as of the end of March, according to the latest data from the central bank.

As of June 14, credit growth has reached 3.79% compared to the end of last year, marking a bright spot for the banking sector, according to the central bank.

After declining in the first two months of this year, credit of the banking industry in March increased by 0.26% compared to the end of 2023 to about VND13.6 quadrillion, the State Bank of Vietnam (SBV) reported.

Governor of the State Bank of Vietnam (SBV) Nguyen Thi Hong on February 20 said propelling credit growth is the key task in 2024 to ensure ample capital for the economy.

High demand during the Tet shopping season has prompted commercial banks to introduce credit offers worth hundreds of billions VND for consumers, said industry experts and insiders.