Hanoi (VNA) – The State Bank of Vietnam (SBV) will keep a close watch on global market volatility to steer monetary policy in a proactive and flexible manner, while aligning closely with fiscal and other macroeconomic tools to safeguard stability, curb inflation and underpin sustainable growth.
At the Government’s February regular press briefing on March 4, Deputy Governor Pham Thanh Ha said the global economic environment has remained complex and unpredictable since late 2025, creating mounting challenges for monetary management.
Following guidance from the Government and the Prime Minister, the central bank has rolled out timely and coordinated measures aimed at containing inflationary pressures, stabilising the macroeconomy and sustaining growth momentum.
The SBV has deployed a synchronised mix of policy instruments to ensure ample liquidity, particularly during the year-end peak. As a result, the money market has stayed broadly stable, with interest rates largely reflecting supply–demand dynamics. Lending rates for new loans are trending downward, according to the central bank.
Credit growth has picked up early in the year. As of February 26, outstanding loans across the banking system totalled 18.86 quadrillion VND (719.3 billion USD), up 1.4% from end-2025 and roughly 20.18% compared to a year earlier.
Exchange rates have been managed with flexibility in line with market conditions, ensuring that legitimate foreign currency demand is fully and promptly met. By end-February 2026, the average interbank exchange rate stood at 26,044 VND per US dollar, down about 0.94% from the close of 2025.
Ha warned that Vietnam’s highly open economy remains vulnerable to external shocks as global uncertainties intensify. Rising geopolitical tensions and conflict in the Middle East have driven oil prices sharply higher, at times surging 8–13%, fuelling inflationary pressures worldwide.
Meanwhile, major central banks, including the US Federal Reserve, have grown more cautious about easing monetary policy. Some have even signalled a potential rate hike as early as March in response to inflation risks, adding pressure to domestic exchange rates and financial markets.
In the coming period, the SBV will calibrate interest rate management in line with macroeconomic developments and inflation trends, while requiring credit institutions to publicly disclose lending rates to enhance transparency.
Exchange rate policy will continue to be managed flexibly through a coordinated use of monetary tools to maintain foreign exchange market stability.
On credit, the central bank will guide lending expansion in line with economic conditions, prioritising funding for production, business activities and key growth drivers, while tightening oversight of high-risk sectors. Efforts will also focus on streamlining lending procedures, accelerating digital transformation in credit processes and improving access to bank financing for businesses and individuals./.
PM outlines key tasks, solutions for monetary, fiscal policy management in 2026
Prime Minister Pham Minh Chinh on February 8 signed Official Dispatch No. 12/CD-TTg outlining key tasks and solutions for the management of monetary and fiscal policies in 2026.
