Hanoi (VNA) – The State Bank of Vietnam (SBV) will maintain a flexible and supportive interest rate policy for the rest of 2026, focusing on liquidity support and borrowing cost stability to sustain economic growth amid rising global uncertainties and inflationary pressures.
Speaking at the Government’s regular press briefing in Hanoi on April 4, SBV Deputy Governor Pham Thanh Ha said the central bank will continue governing interest rates proactively while coordinating monetary tools to support the economy.
Ha warned that the global landscape has become more complex and unpredictable, driven by the escalating geopolitical tensions and conflicts in the Middle East, which have pushed up oil prices and added inflationary risks worldwide, posing challenges to monetary policy governance and banking operations.
In response, the SBV has closely adhered to the Government and Prime Minister’s directives, proactively and flexibly adopted policy measures to control inflation, keep the macro-economy stable and support sustainable growth. Monetary policy tools have been coordinated to ensure sufficient liquidity for the economy and maintain stability in the monetary market, Ha said.
Key policy rates have been held steady, allowing credit organisations to access low-cost funding from the SBV to support economic activity.
The central bank has also instructed banks and foreign bank branches to stabilise both lending and deposit rates and preserve overall market order.
Banks were told to strictly adhere to interest rate regulations, ramp up internal controls, promptly address any violations, and carefully balance funding and lending to safeguard liquidity and payment capacity without distorting market rates. They must also continue publicly disclosing lending rates on their websites to improve transparency for borrowers.
However, the Deputy Governor admitted that interest rates still face upward pressure. Intensifying competition from other investment channels has made deposit mobilisation more difficult, leading to a gradual rise in deposit rates since late 2025. At the same time, credit growth has outpaced deposit growth, reflecting strong demand for capital as the Government pursues double-digit economic expansion.
With major international organisations forecasting prolonged global uncertainty and persistent risks to growth and inflation, he said the SBV will closely monitor both global and domestic developments. The monetary policy will remain proactive and flexible, closely coordinated with an appropriately expansionary fiscal policy to prioritise inflation control while supporting sustainable growth.
On interest rates specifically, the SBV will adjust rates in line with evolving macroeconomic conditions, inflation trends, and monetary policy goals. It will continue using tools flexibly to ensure banking system liquidity and require lenders to maintain transparent disclosure of lending rates.
Credit organisations were also urged to strictly follow the SBV’s directives to stabilise interest rates and maintain a proper balance between credit growth and deposit mobilisation to prevent disorder in market rates, the official added./.
