Substantial credit growth supporting economic recovery
Data from SBV’s functional departments show that as of March 31, 2026, total credit in the economy reached over VND 19.18 quadrillion, an increase of 3.18% compared to the end of 2025. This positive growth rate, surpassing the same period in previous years, indicates a robust recovery in the capital absorption capacity of businesses and households.
Deputy Governor Pham Thanh Ha presided over the press conference.
Speaking at the press conference, SBV Deputy Governor Pham Thanh Ha emphasized: "From the beginning of the year, the SBV assigned the full credit growth quota to credit institutions to proactively supply capital. Currently, credit is not only increasing in volume but is also shifting toward growth drivers such as transport infrastructure, energy, social housing, and high-tech agriculture."
Notably, following the directive in Official Dispatch 10825/NHNN-TD, 21 commercial banks actively disbursed the VND 500 trillion credit package for national strategic infrastructure projects. Concentrating capital on key projects is considered a vital "catalyst" for maintaining GDP growth momentum in 2026.
Interest rate reduction: A system-wide consensus
Despite pressure from the monetary tightening trends of major central banks worldwide, the SBV has maintained its stance on managing interest rates to support businesses. Following coordinated meetings, by mid-April 2026, 26 commercial banks simultaneously announced reductions in both lending rates and listed deposit rates.
A representative from the Monetary Policy Department stated that average deposit and lending rates have decreased by approximately 0.2 - 0.5% per annum compared to the end of 2025. Reducing interest rates while inflationary pressures persist demonstrates the efforts and profit-sharing of the banking sector with the business community. This helps alleviate financial cost burdens, creating conditions for manufacturing and business units to restructure and expand.
Boom in digital payments and the "Financial shield"
Q1/2026 continued to witness a boom in online transactions. The volume of non-cash payments in the first two months of the year surged by 40.7%. Notably, the value of interbank online transactions reached a record high of nearly VND 130 quadrillion.
However, technological development brings cyber security challenges. The proud highlight of the banking sector this quarter is the effectiveness of the SIMO system (Information System for Monitoring and Prevention of Fraud Risks). According to a report from the IT Department (SBV), the system detected and blocked approximately VND 4.17 trillion in suspicious fraudulent transactions.
"We do not only focus on enhancing user experience but also prioritize safety. Protecting customer assets against high-tech fraud is a vital task in the era of digital banking," affirmed a leader of the IT Department.
Gold market management and financial instruments
At the press conference, the stabilization of the gold market also received significant attention. The SBV stated that it is carefully reviewing applications from 11 entities for gold bar production licenses. The regulator's stance is to ensure a transparent gold market, limit the "goldization" of the economy, and stand ready with intervention plans to narrow the gap between domestic and international gold prices.
Furthermore, the Government bond market recorded positive results, successfully mobilizing over VND 80 trillion, providing an important resource for public investment and the implementation of the Government’s fiscal policies.
Assessment and outlook
Summarizing Q1/2026, financial experts evaluate that the banking sector is on the right track in achieving the dual goal of supporting economic growth and ensuring systemic safety. The 3.18% credit growth is a telling figure, reflecting market confidence in macroeconomic policies.
However, challenges for the remaining quarters of 2026 persist. These include potential non-performing loan (NPL) pressures from legacy debts and exchange rate fluctuations as the USD-Index remains unpredictable. The SBV needs to continue closely monitoring international developments to make timely adjustments to exchange rates and liquidity supply, ensuring the stability of the Vietnamese Dong in the future.
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