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.

VOV.VN - Vietnam’s average consumer price index (CPI) in 2026 is projected to hover around 3.5%, slightly higher than in 2025 but still within the National Assembly’s target ceiling of 4.5%, say experts.

With an increasingly significant role in the economy, the small and medium-sized enterprise (SME) sector is becoming a key focus in banks’ credit growth strategies, prompting lenders to roll out a range of solutions to support businesses that often run on tight cash flow.

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.

Credit growth in Vietnam reached nearly 18% in 2025, reflecting the State Bank of Vietnam’s (SBV) flexible and proactive monetary management aimed at supporting economic growth while keeping inflation under control.

Ho Chi Minh City’s credit growth continued on a positive trajectory in 2025, with total outstanding loans estimated at over VND5 quadrillion (US$190 billion), up 0.95% from November 2025 and approximately 13.5% compared to the end of 2024.

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

VOV.VN - As of the end of September, total credit to the national economy had risen 13.37% compared to the start of the year, marking the highest growth in about 15 years. At this pace, the State Bank of Vietnam (SBV) expects full-year credit growth to reach 19-20%.

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.

VOV.VN - Total credit to the national economy rose by nearly 10 % in the first half of 2025 to over VND17.2 quadrillion, marking the fastest growth rate since 2023.