Adhering to the Resolutions of the National Assembly and the directives of the Government and the Prime Minister , the State Bank of Vietnam (SBV) manages monetary policy in a proactive, flexible, timely, and effective manner. This is carried out in close and harmonious coordination with focused expansionary fiscal policy and other macroeconomic policies to prioritize macroeconomic stability, control inflation, implement the restructuring of mandatory transfer banks, and support economic growth. In this context, the SBV continues to implement credit management solutions aligned with macroeconomic developments to contribute to inflation control, stabilize the macro-economy, and support economic growth.
For the year 2026, the SBV sets a system-wide credit growth target of approximately 15%. This target may be adjusted upward or downward based on actual developments and the prevailing situation to ensure inflation control, macroeconomic stability, support for economic growth, and the safety of the credit institution (CI) system.
On December 31, 2025, the SBV issued a document to CIs providing a transparent and public notification of the principles for allocating 2026 credit growth limits, enabling CIs to proactively implement their plans. Accordingly, the credit growth quota assigned to each CI is based on their 2024 ranking scores as prescribed in Circular No. 52/2018/TT-NHNN (as amended and supplemented), multiplied by a common coefficient applied to all CIs.
Furthermore, the SBV requires CIs to strictly control the rate of credit growth in potentially risky areas and the real estate sector in 2026. This measure aims to direct credit flows into production and business sectors, priority areas, and the economy's growth drivers, while simultaneously ensuring money market liquidity and the operational safety of the CI system.
The SBV requires CIs to:
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Strictly, fully, and promptly implement the directives of the Government and Government Leadership regarding the effective and timely execution of credit solutions.
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Ensure safe credit growth in compliance with legal regulations, based on their risk management capacity, liquidity status, and capital mobilization ability.
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Maintain safety ratios, particularly liquidity and solvency ratios.
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Enhance credit quality, ensure funds are used for the intended purposes effectively, and limit the occurrence and increase of bad debts to ensure operational safety.
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Improve credit appraisal and assessment capacity.
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Strengthen internal inspection and control over credit granting activities to ensure compliance with legal regulations.
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Promptly detect and strictly handle violations of the law or internal regulations in credit granting activities.
Throughout 2026, the SBV will continue to closely monitor actual developments to manage credit growth proactively and flexibly. This approach will support the CI system in providing credit capital to the economy while ensuring system safety, maintaining macroeconomic stability, and controlling inflation.
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