Deputy Governor Pham Thanh Ha: Credit Reaches Over 18.2 Quadrillion VND by End of November

During the regular government press conference on the afternoon of December 6th, Deputy Governor of the State Bank of Vietnam, Pham Thanh Ha, stated that since the beginning of the year, the global economy has faced complex developments due to geopolitical tensions, trade policies, and climate change. Although global inflation has cooled, there remains a risk of resurgence, and the world economy is recovering slowly.

This global context may impact the management of inflation control and currency market stability in Vietnam, given its highly open economy and deep integration with the global market. In response, the State Bank of Vietnam (SBV) has proactively and promptly implemented synchronized measures, adhering to the government’s directives, to control inflation, maintain macroeconomic stability, and promote sustainable economic growth.

According to the Deputy Governor, the liquidity of credit institutions remains stable, with the money market showing resilience and exchange rates fluctuating flexibly in line with market conditions. Lending interest rates have remained stable with a downward trend. The foreign exchange market operates smoothly, ensuring timely fulfillment of legitimate foreign currency demands.

Credit growth has been positive, with the economy’s credit reaching over 18.2 million billion VND by November 27, 2025, a 16.56% increase compared to the end of 2024 (in the same period in 2024, it increased by 11.47% compared to the end of 2023; by the end of 2024, it increased by 15.09% compared to the end of 2023).

The achievements in monetary policy management have effectively controlled inflation, aligning with the targets set by the National Assembly and the Government. 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 of 2025 reached 7.85%, maintaining a strong growth trajectory and reinforcing Vietnam’s macroeconomic stability.

Looking ahead, the global economy is expected to remain complex and unpredictable, with major economies increasing trade barriers. The monetary policy decisions of central banks, particularly the U.S. Federal Reserve, are difficult to forecast and may impact international markets and the currencies of emerging and developing nations, posing challenges for SBV’s interest rate and exchange rate management.

Therefore, the SBV will closely monitor macroeconomic developments, domestic and international financial markets, including the Federal Reserve’s interest rate decisions and policy directions expected mid-next week. This will enable proactive and flexible management of monetary policy tools, in coordination with fiscal and other macroeconomic policies, to support credit institution liquidity, stabilize the currency and foreign exchange markets, especially during the year-end peak period. These efforts aim to maintain macroeconomic stability, control inflation, and support economic growth.