Vietnam’s Banking sector in 2025: Resilient management and strategic breakthroughs driving the economy into a new era

Amidst a global landscape fraught with volatility—driven by tariff policies and geopolitical tensions—the State Bank of Vietnam (SBV) has asserted its role as a foundational pillar by executing proactive and effective monetary policies, ensuring Vietnam remains an economic "bright spot" in the region.

1. Interest rate and exchange rate management: Resilience amidst market shocks

The SBV implemented a dual-purpose strategy focusing on macroeconomic stability and growth support:

• Interest rates: The central bank maintained stable policy interest rates to allow credit institutions (CIs) to access low-cost funding from the SBV. The SBV decisively directed CIs to reduce operational costs and share profits to lower lending rates, providing essential support for businesses and citizens. Consequently, lending rates remained stable throughout 2025.

• Exchange rates: Faced with international tariff pressures, USD volatility, and the Federal Reserve’s unpredictable policy path, the SBV managed the VND exchange rate flexibly to absorb external shocks. The synchronized use of VND liquidity tools and foreign exchange interventions effectively stabilized the market and controlled inflation.

• Gold market management: A major regulatory milestone was reached with the issuance of Decree No. 232/2025/ND-CP and Circular No. 34/2025/TT-NHNN, establishing a transparent and unified management mechanism for the gold market under a new framework.

2. 2025 Credit growth: Robust performance powered by production

Credit activities recorded breakthroughs in both scale and quality:

• Impressive Performance: As of December 24, 2025, total credit outstanding reached over 18.40 quadrillion VND, a 17.87% increase compared to the end of 2024. This performance significantly exceeded the initial target of approximately 16%.

• Capital Allocation: Credit was strategically channeled into priority sectors, production, and business activities that serve as the economy's growth drivers.

• Social Responsibility: The banking sector promptly implemented debt relief and support measures for customers impacted by natural disasters and major floods during the year.

3. Digital transformation and payments: Defining success through data

2025 marked a triumph in the creation of a seamless digital banking ecosystem:

• Financial Inclusion: By the end of 2025, 87% of adults in Vietnam possessed a bank account. Furthermore, many core banking operations achieved 100% digitalization.

• Payment Surge: In the first 11 months of 2025, QR Code transactions recorded a staggering growth of 54.45% in volume and 141.02% in value. Overall cashless payment transactions also rose significantly by 42.34% in volume.

• Enhanced Security: Through the implementation of "Project 06," the SBV worked with the Ministry of Public Security to clean data and verify biometric information, which substantially reduced financial fraud cases.

4. Strengthening legal frameworks and strategic policies

The SBV proactively enhanced institutional capacity to meet the requirements of the new era:

• Legislative Milestones: The SBV proposed critical bills to the National Assembly, including amendments to the Law on Credit Institutions and the Law on Deposit Insurance.

• Strategic Execution: The sector resolutely implemented Politburo Resolutions on science and technology (Resolution 57), international integration (Resolution 59), and private sector development (Resolution 68).

• Organizational Reform: The banking apparatus was streamlined for greater efficiency and effectiveness, laying a solid foundation for the 2026-2030 development phase.

SUMMARY OF KEY FINANCIAL AND BANKING INDICATORS 2025

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