Interest Rate and Exchange Rate Management: Proactive Adjustment
A central task for the SBV in the remaining months of the year is to closely monitor market dynamics, macroeconomic developments, and inflation trends in order to make appropriate adjustments to interest rates. The SBV has directed credit institutions to cut operational costs, accelerate digital transformation, and expand IT applications. These measures are intended to create room for lowering lending rates, thereby easing financial burdens on businesses and households.
In terms of the exchange rate, the SBV will continue to pursue a flexible management approach, aligned with both domestic and international market conditions, while coordinating exchange rate policy with other monetary policy tools. The goal is to stabilize the macroeconomy, maintain inflation within target ranges, and sustain economic growth.
Credit Policy: Prioritizing Productive Sectors and Key Drivers
Credit policy remains focused on channeling capital into production and business activities, priority sectors, and key growth drivers identified by the Government. At the same time, the SBV requires tight control of credit flows into high-risk areas, especially real estate and speculative activities.
The SBV emphasizes lending to feasible projects of national significance, green finance, and development initiatives tailored to regional strengths. It also calls for the continued implementation of government-directed credit programs, aiming to ease financial difficulties for businesses and households and improve access to bank financing.
Cashless Payments and Digital Transformation: Long-term Pillars
Another major policy direction is the acceleration of cashless payments and digital transformation. The SBV is prioritizing the implementation of the new Decree on non-cash payments and the sandbox mechanism for controlled experimentation in the banking sector. In parallel, the banking industry is advancing digital transformation programs, including Project 06 and Resolution No. 57-NQ/TW, with a strong emphasis on security, safety, and data protection.
These efforts not only improve accessibility for citizens and enterprises to modern financial services but also reduce transaction costs, enhance competitiveness, and promote the modernization of the economy.
Non-performing Loans: Safeguarding System Stability
A further cornerstone of the policy framework is the ongoing restructuring of credit institutions in conjunction with non-performing loan (NPL) resolution under the 2021–2025 program. The SBV is urging stronger efforts to address existing NPLs while implementing preventive measures to limit the emergence of new bad debts. This is seen as crucial to reinforcing market confidence and ensuring the safety and resilience of the banking system.
Conclusion: Flexibility to Achieve a Dual Objective
In summary, the SBV’s monetary policy orientation for late 2025 follows a consistent principle: proactive, flexible, timely, and coordinated. By maintaining reasonable interest rates, pursuing a flexible exchange rate regime, directing credit toward priority sectors, advancing digital transformation, and addressing non-performing loans, the SBV seeks to achieve its dual objective—supporting short-term economic growth while safeguarding long-term macroeconomic stability and financial system security.
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