On the morning of October 3rd, the State Bank of Vietnam (SBV) held a press conference to announce the banking sector’s performance in Q3/2025, chaired by Deputy Governor Pham Thanh Ha.
During the conference, Deputy Governor Pham Thanh Ha highlighted the unpredictable global economic and political landscape since the beginning of 2025. Concerns over U.S. tariff policies and potential global trade wars, geopolitical conflicts, commodity price shocks, and lingering inflation risks have created a complex international financial environment. These factors pose significant challenges for domestic monetary policy management, exchange rates, and interest rates, while also impacting efforts to achieve the 2025 economic growth target of over 8%.
Closely monitoring domestic and international macroeconomic trends, and adhering to the directives of the Party, National Assembly, Government, and Prime Minister, the SBV has proactively and flexibly employed monetary policy tools. These measures are coordinated with fiscal and other macroeconomic policies to control inflation, stabilize the macroeconomy, promote economic growth, and ensure the safety of credit institutions.
Regarding credit growth, Deputy Governor Pham Thanh Ha reported that credit expansion in 2025 has consistently outpaced the same period in 2024, with each month showing higher growth than the previous. As of September 29, 2025, credit growth reached 13.37% compared to the end of 2024. Credit allocation remains focused on production and business activities, particularly in priority sectors and growth drivers identified by the Government.
Pham Chi Quang, Director of the Monetary Policy Department, added that the SBV has been actively adjusting credit limits for banks since the beginning of the year, especially for institutions with high credit ratings, strong financial capabilities, and effective capital mobilization.
With the current credit growth rate, if credit institutions maintain healthy and sustainable capital mobilization, credit growth is projected to reach 19-20% by year-end—a significant increase compared to previous years.
“We aim to achieve high credit growth by year-end to support the 8.5% economic growth target for this year and double-digit growth in subsequent years,” stated Mr. Quang.
According to Mr. Quang, while high credit growth supports economic expansion, it also poses risks to debt quality. The SBV continuously monitors and advises credit institutions to ensure high growth while maintaining credit quality and effectiveness, particularly in managing credit allocation to high-risk sectors.
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