During the government’s regular November press conference on December 6th, Deputy Governor of the State Bank of Vietnam (SBV) Pham Thanh Ha stated that global economic volatility in 2025 remains highly unpredictable and complex due to geopolitical tensions, foreign policy shifts, and climate change. While global inflation has cooled, there’s still a risk of resurgence, and economic recovery remains sluggish.
Deputy Governor Pham Thanh Ha discusses monetary policy solutions to control inflation and stabilize the macroeconomy – Photo: VGP
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This global context could impact Vietnam’s efforts to control inflation and stabilize its currency market, given its highly open economy and deep integration with the global market. In response, the SBV has proactively and synchronously implemented monetary policy measures, closely following government directives, to control inflation, maintain macroeconomic stability, and promote sustainable economic growth.
As a result, liquidity in credit institutions has been secured, the currency market remains stable, and exchange rates have adjusted flexibly to market conditions. Lending interest rates have stabilized and shown a downward trend. The foreign exchange market operates smoothly, with all legitimate foreign currency demands met promptly.
Credit growth has been positive, with the economy’s credit reaching over 18.2 trillion VND by November 27, 2025, a 16.56% increase compared to the end of 2024 (up from 11.47% in the same period in 2024 and 15.09% by the end of 2024).
These monetary policy achievements have effectively controlled inflation, aligning with the National Assembly and Government’s targets. The average inflation rate (CPI) for the first 11 months of 2025 was 3.29% (target: 4.5-5%), with core inflation at 3.21%. GDP growth for the first 9 months reached 7.85%, sustaining Vietnam’s macroeconomic stability.
Looking ahead, global economic complexities and trade protectionism among major economies pose challenges. The monetary policy decisions of central banks, particularly the U.S. Federal Reserve, remain unpredictable, potentially impacting international markets and emerging economies. This presents challenges for the SBV in managing interest rates and exchange rates.
The SBV will closely monitor domestic and international macroeconomic and financial market developments, including the Fed’s interest rate decisions, to proactively and flexibly manage monetary policy tools. This includes coordinating with fiscal and other macroeconomic policies to support credit institution liquidity, stabilize currency and foreign exchange markets, control inflation, and foster economic growth, especially during the year-end peak.
Support for Customers Affected by Storms and Floods
Since July 2025, storms and floods have impacted approximately 250,000 customers with outstanding loans of nearly 60 trillion VND. Following government directives, the SBV has implemented timely and robust support measures, including low-interest loan programs, to help affected individuals and businesses restore production and operations.
Specifically, the SBV issued five directives to credit institutions, foreign bank branches, and SBV local branches in affected areas to assess customer debt repayment capabilities and provide support. As a result, credit institutions have:
(i) Restructured debt repayment terms for numerous customers;
(ii) Reduced interest rates by 0.5%-2% annually for 3-6 months for nearly 24,000 customers with outstanding loans of approximately 14 trillion VND;
(iii) Launched post-storm recovery loan programs with preferential interest rates, totaling around 70 trillion VND. To date, institutions have disbursed nearly 1.5 trillion VND to approximately 6,500 customers, including 600 billion VND to 4,000 customers in agriculture, forestry, and fisheries.
For the Vietnam Bank for Social Policies (VBSP), which serves low-income and policy beneficiaries:
On December 4, 2025, the Prime Minister issued Decision 2654/QĐ-TTg, reducing lending interest rates by 2% annually for three months (October to December 2025) for approximately 3 million customers affected by storms and floods in 22 provinces/cities, with an estimated interest support of over 1.1 trillion VND.
For areas affected by Storm No. 13 in Gia Lai, Dak Lak, Lam Dong, and Khanh Hoa, VBSP is finalizing procedures to submit to the Prime Minister for approval of a 2% annual interest rate reduction for three months (October to December 2025). This is expected to benefit nearly 1 million customers, with an estimated interest support of nearly 300 billion VND.
– 21:00 06/12/2025
Unveiling the International Tea Festival: Celebrating a Legacy of Record-Breaking Achievements
The International Tea Festival – World T.E.A Fest 2025 officially opens on the evening of December 5th at Lam Vien Square (Da Lat). Featuring an international scale and the participation of numerous experts, ambassadors, and domestic and foreign businesses, the festival marks a significant milestone in promoting Vietnamese tea culture and propelling the tea industry onto the global stage.
Specialized Court Legislation for the International Financial Center Debated in Parliament
On the afternoon of December 5th, the National Assembly deliberated on the draft Law on Specialized Courts at the International Financial Center, a pivotal legal framework designed to enhance dispute resolution capabilities and bolster investor confidence in the development of financial hubs in Ho Chi Minh City and Da Nang.
May 2025: CPI Rises 3.29%, Core Inflation Up 3.21% Year-on-Year
The Consumer Price Index (CPI) for November rose by 0.45% compared to the previous month, primarily driven by surging food prices in central provinces and cities directly impacted by post-storm flooding. Additionally, dining out costs increased due to higher input material expenses and rising fuel prices. Over the first eleven months of 2025, the CPI averaged a 3.29% increase year-on-year, while core inflation climbed by 3.21%.
Vietnam’s FDI Disbursement in the First Eleven Months of 2025 Hits a Five-Year High
According to the General Statistics Office, Vietnam’s realized foreign direct investment (FDI) in the first eleven months of 2025 reached an estimated $23.6 billion, marking an 8.9% increase compared to the same period last year. This represents the highest level of realized FDI in the first ten months over the past five years.
Prime Minister: Crafting Superior, Competitive Policies to Pilot Free Trade Zones
The Prime Minister emphasized the need to clarify the concept of a free trade zone, highlighting its similarities and differences with an international trade center. He noted that while there are commonalities in the mechanisms and policies for both entities, there are also distinct differences. The Prime Minister urged the flexible and creative application of existing regulations to effectively address these nuances.
