Credit growth nears 13.4% in first nine months

A press conference was held by the State Bank of Viet Nam (SBV) on October 3, in Ha Noi to announce the banking sector’s performance in the third quarter of 2025. Deputy Governor of the SBV Pham Thanh Ha chaired the conference.

Overview of the press conference.
Overview of the press conference.

As of September 29, credit for the economy had risen by 13.37% compared with the end of 2024. Credit continued to flow into production and business sectors and priority areas, with about 78% of outstanding loans allocated to production and business.

Speaking at the conference, Deputy Governor Pham Thanh Ha noted that since the beginning of 2025, the global economic and political situation has been unpredictable. He cited market concerns over US tariff policies and the risk of a global trade war; geopolitical conflicts; commodity price shocks; and inflation—though easing—still risking resurgence.

These factors are likely to lead to complex fluctuations in global financial and monetary markets, creating pressure on the management of monetary policy, exchange rates, and interest rates domestically, as well as on achieving the target of economic growth of over 8% in 2025.

“The results achieved in managing monetary policy have made important contributions to GDP growth; inflation has been well controlled in line with the set targets, averaging 3.25% over the first eight months; core inflation stood at 3.19%—lower than the overall inflation rate—helping stabilise the macro-economy, amid continued instability in the global and regional economies,” Deputy Governor Pham Thanh Ha stressed.

Regarding the foreign currency market, the SBV managed the exchange rate flexibly and appropriately, while coordinating with other monetary policy tools. As a result, the foreign currency market has operated smoothly, the legitimate foreign currency needs of the economy were fully and promptly met, and exchange rates evolved flexibly in line with market conditions.

At the same time, the SBV directed credit institutions to ensure safe and effective credit growth, focusing on production and business sectors, priority areas, and key drivers of economic growth as instructed by the Government and the Prime Minister; strictly controlling credit in potentially risky sectors; and continuing to implement solutions to facilitate customer access to bank credit.

According to Ha Thu Giang, Director of the Credit Department for Economic Sectors, credit continued to flow into production and business sectors and priority areas. Certain priority areas directed by the Government and the Prime Minister accounted for a large share, including agriculture at 22.76%, small- and medium-sized enterprises at 19.04%, and sectors registering high growth such as supporting industries and high-tech enterprises with growth rates of 23.14% and 25.02%, respectively.

In addition, the SBV and commercial banks have been working closely with the Ministries of Construction, Industry and Trade, and Science and Technology to implement the Government’s and Prime Minister’s directive on the 500 trillion VND credit programme for infrastructure and digital technology investment.

In the final months of the year, Deputy Governor Pham Thanh Ha stated that the SBV will continue to manage monetary policy proactively, flexibly, and effectively, and in a synchronised, harmonious manner, closely coordinating with fiscal policy and other policies to prioritise economic growth and maintain macroeconomic stability while controlling inflation.

NDO
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