Pham Thanh Ha, Deputy Governor of the State Bank of Viet Nam (SBV), announced the figures at the July 2 press conference focusing on monetary policy management and banking operations during the first six months of 2026.
According to Ha, the global economic environment remains complex, with geopolitical tensions, military conflict in the Middle East, fluctuations in energy prices, and interest rate increases by several central banks exerting significant pressure on Viet Nam’s monetary policy.
Despite these challenges, the SBV has steered monetary policy proactively and flexibly, in close coordination with fiscal policy and other macroeconomic measures, to keep inflation at around 4.5%, maintaining macroeconomic stability, and supporting economic growth.
The central bank has kept its policy interest rates unchanged, allowing credit institutions to access capital at lower costs.
Following a meeting between the SBV and commercial banks in early April, the banks agreed to reduce deposit interest rates on new deposits with terms of six months or longer, while also lowering lending rates to enhance corporate access to credit.
Credit growth across the banking system is projected to reach around 15% in 2026, subject to adjustments based on evolving conditions to ensure controlled inflation and safeguard the banking system.
On digital transformation, the SBV has continued to fine-tune the legal and regulatory framework while advancing cashless payments and digital banking.
During the first five months of 2026, the number of cashless payment transactions increased by 34.77% year-on-year. The number of internet-based transactions rose by 52.82%, while the value of QR code transactions surged by nearly 40%.
In the coming months, the central bank will continue to administer monetary policy proactively and flexibly, while making appropriate adjustments to interest rates and regulating exchange rates in line with market developments.
It will also expedite digital transformation and the adoption of cashless payments, while continuing to restructure the credit institution system alongside efforts to clear non-performing loans, thus supporting macroeconomic stability and sustainable economic growth.
