The banking sector's contribution has helped the Vietnamese economy weather headwinds.

Speaking at the conference, the Prime Minister assessed that the situation in recent times has changed very rapidly and unpredictably, with many issues exceeding forecasts and affecting the overall development of the world, including Vietnam; we have always identified difficulties and challenges more than opportunities and advantages in order to prepare for them, especially by being flexible in managing policies and orienting the country's development.

At the 9th Banking Sector Emulation Congress held on November 24, 2025, Prime Minister Pham Minh Chinh summarized the achievements and contributions of the banking sector in 32 words: "Open institutions, pioneering infrastructure, flexible policies, rational management, effective solutions, banking development, people benefit, and the country becomes self-reliant."

At this conference, the Prime Minister emphasized and further clarified eight outstanding achievements of the banking sector in the past period.

Regarding "open institutions," the State Bank of Vietnam (SBV) is one of the leading agencies in implementing strategic breakthroughs in perfecting institutions, mechanisms, policies, and legal regulations. It has completed and exceeded the set targets for reducing and simplifying administrative procedures: By 2025, it will continue to reduce and simplify 90.3% of administrative procedures; and reduce 33.1% of business conditions. 32.8% of administrative procedure processing days and 31.5% of compliance costs were reduced (exceeding the 30% target). Notably, the State Bank of Vietnam recently provided an additional 32 full-process online public services on the National Public Service Portal.

Regarding "pioneering infrastructure," the banking sector continues to maintain its leading position in developing banking infrastructure, especially in building databases, digital transformation, and cashless payment systems. Average cashless payments are estimated to increase by approximately 70% in volume and 24% in value during the 2021-2025 period; with an estimated increase of over 27 times the GDP by 2025. Simultaneously, the focus is on shortening business processing procedures, improving the quality of banking services, and promoting digital transformation across sectors and fields.

Regarding "flexible policy," the State Bank of Vietnam has proactively, flexibly, promptly, and effectively managed monetary policy. This includes maintaining policy interest rates amidst rising global interest rates to facilitate low-cost capital for credit institutions and support the economy; while requiring credit institutions to reduce costs and undergo digital transformation to lower lending interest rates; and implementing large-scale preferential credit packages (such as loan programs for agriculture, forestry, and fisheries; the 500 trillion VND credit program for infrastructure and digital technology loans with interest rates 1-1.5% lower than the average; policy credit programs, and reduced lending interest rates for businesses affected by natural disasters such as storms and floods...).

Regarding "skillful management," the State Bank of Vietnam (SBV) has skillfully managed monetary policy tools, contributing to controlling inflation according to the set target (an average of 3.29% over 11 months), maintaining macroeconomic stability and promoting economic growth; maintaining exchange rates and the foreign exchange market at a basically stable level; ensuring the fulfillment of the economy's credit capital needs; by December 24, 2025, outstanding credit will be approximately VND 18.4 million billion, an increase of 17.87% compared to the end of 2024, with an additional credit volume of approximately VND 2.79 million billion.

Regarding "effective remediation," the focus is on systematically and effectively addressing weak banks; including transferring four weak banks; ensuring the interests and rights of depositors and ensuring these banks make positive progress. Simultaneously, the focus is on improving security, reducing fraud, and proactively preventing fraud through digital identification and financial infrastructure. By December 19, 2025, biometric verification had been completed for over 142.5 million individual customer records and over 1.5 million organizational records; the number of individual customers defrauded of money decreased by 57%, and the number of accounts receiving fraudulent funds decreased by 47%.

Regarding "development banking," significant progress continued in restructuring and improving operational efficiency associated with handling bad debts; bad debts were focused on and controlled; and the financial capacity, business efficiency, and competitiveness of credit institutions were enhanced.

Regarding "benefiting the people," through the innovation of banking operations, the people gained access to broader and higher-quality financial services; the percentage of adults with bank accounts reached 87% (compared to 68.4% in 2020); and digital transactions via the internet/e-wallets increased significantly. A stable payment system helps people make payments faster, more conveniently, and more securely (through biometrics/electronic identification). At the same time, it makes a positive contribution to social welfare; the banking sector has supported COVID-19 prevention and control efforts with nearly 4.2 trillion VND; contributed over 1.8 trillion VND to the movement to eliminate temporary and dilapidated housing; and contributed over 3.5 trillion VND to support house construction and gift-giving during holidays and festivals.

Regarding "national self-reliance," the State Bank of Vietnam and the banking sector have successfully fulfilled their duties, contributing to national development, helping the Vietnamese economy overcome headwinds, promoting high economic growth, maintaining macroeconomic stability, controlling inflation, and ensuring major balances.

2026 is a significant year, marking the 14th National Congress of the Communist Party of Vietnam, the first year of implementing the Resolution of the 14th National Congress, and the 2026-2030 Five-Year Plan. The Prime Minister emphasized that the banking sector must contribute to controlling inflation, stabilizing the macroeconomy, promoting double-digit growth, ensuring major economic balances, and improving the material and spiritual lives of the people; aiming towards the successful achievement of the two centenary strategic goals.

The Prime Minister stressed that the State Bank of Vietnam must pay special attention to proactive, flexible, timely, and effective policy management, coordinating closely and synchronously with other policies to create a synergistic impact and effectiveness.

The Prime Minister generally agreed with the key tasks and solutions for 2026 outlined in the State Bank of Vietnam's report and the opinions of the delegates. Simultaneously, the key areas that the banking sector needs to continue implementing in the coming period were emphasized.

Accordingly, focus should be placed on implementing the Resolution of the 14th National Congress, the Resolutions and conclusions of the Politburo, the Secretariat, the National Assembly, the Government, and the directives of the Prime Minister. A stronger breakthrough should be achieved in institutional and administrative reforms in the monetary and banking sector to meet the country's development requirements. Effective management of banking operations in international financial centers in Ho Chi Minh City and Da Nang (especially foreign exchange management and cross-border capital flows) is also crucial.

All banking activities must be innovative and groundbreaking, while consistently contributing to the goal of maintaining macroeconomic stability, controlling inflation, promoting growth, ensuring major economic balances, and controlling budget deficits, public debt, government debt, and foreign debt. This is the most important goal and task of the State Bank of Vietnam and the banking sector in 2026 and beyond.

Along with that, strongly promote growth and investment (quality investment, investment in science and technology, innovation, digital transformation, etc.), implement the strategic resolutions of the Politburo. Research mechanisms and policies to mobilize resources from the people even more effectively.

At the same time, ensure the safety of the monetary, credit, and banking systems; ensure credit quality; strengthen early warning systems and implement appropriate and timely solutions to ensure the safety of each credit institution and the entire banking system, proactively and effectively handling emerging issues.

The Prime Minister also requested the banking sector to continue promoting the development of science and technology, innovation, and national digital transformation. Ensure security and safety in the context of increasingly sophisticated high-tech crimes and build accurate, complete, clean, and active databases. Contribute to the effective implementation of social welfare policies, doing even better, doing things correctly, accurately, and systematically; and accelerate digital transformation. Strengthening the training of high-quality human resources, building a team of banking officials who are "talented, virtuous, dedicated, visionary, and capable," and always innovating because "resources originate from thinking and vision, motivation from innovation and creativity, and strength from the people and businesses."

Emphasizing that the banking sector is a challenging field but one that must be overcome, the Prime Minister hopes that with the motto "look far ahead, think deeply, and do big things" and the spirit of "proactiveness, flexibility, creativity, and efficiency," the banking sector will continue to play a pioneering role, especially in applying science and technology, digital transformation, and smart governance, striving even harder to achieve better results in 2026 than in 2025.

Speaking at the Conference, on behalf of the Standing Committee of the Party Committee, the Leadership Board of the State Bank of Vietnam, and all officials, civil servants, and employees of the banking sector, Governor Nguyen Thi Hong expressed deep gratitude for the continuous and consistent leadership and guidance of Prime Minister Pham Minh Chinh throughout the past term; and also acknowledged the comprehensive and insightful remarks of the Prime Minister regarding the positive results and contributions of the banking sector. This is a great source of encouragement for all officials, civil servants, and employees in the banking sector to strive to overcome the many difficulties and challenges of 2026.

Excerpted and translated by VNBA News