For 2026, the State Bank of Vietnam (SBV) projects a system-wide credit growth target of approximately 15%. This target may be adjusted upward or downward based on real-world developments to ensure inflation control, macroeconomic stability, economic growth support, and the safety of the credit institution system.
The SBV stated that on December 31, 2025, it issued a document to all credit institutions, transparently announcing the principles for credit growth allocation for 2026 to allow banks to take initiative in their operations.
Specifically, the credit growth targets assigned to credit institutions are determined based on their 2024 rating results under Circular No. 52/2018/TT-NHNN (as amended and supplemented), multiplied by a common coefficient applicable to all institutions.
Furthermore, the central bank has instructed credit institutions to strictly control credit expansion in high-risk areas, particularly the real estate sector, throughout 2026. The goal is to direct credit flows into productive sectors, priority industries, and the economy's growth drivers, while simultaneously ensuring monetary market liquidity and the operational safety of the banking system.
According to data from the SBV, as of December 31, 2025, total outstanding credit in the banking system reached VND18.58 quadrillion ($707 billion), an increase of 19.01% compared to the end of 2024. In absolute terms, system-wide credit increased by VND2.97 quadrillion ($113 billion) during 2025.
If the 15% growth target is maintained for 2026, the banking system will "inject" approximately VND2.787 quadrillion ($106 billion) in new credit into the economy. This figure is roughly VND183 trillion (nearly $7 billion) lower than the total credit added in 2025.
In line with National Assembly resolutions and directives from the Government and the Prime Minister, the SBV noted that in 2026, it will manage monetary policy in a proactive, flexible, timely, and effective manner.
This will be harmonized with a targeted expansionary fiscal policy and other macroeconomic policies to prioritize stability, control inflation, support economic growth, and facilitate the restructuring of banks under mandatory transfer.
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