Vietnam’s total outstanding credit reached VND20.75 quadrillion ($789 billion) as of September 30, 2026, up 11.59% from the end of 2025 and 16.69% year on year, Deputy Governor of the State Bank of Vietnam (SBV) Pham Thanh Ha said at a press briefing of the SBV on October 7.

According to Mr. Ha, lending rates remain under upward pressure, although the pace of increase has slowed and rates have broadly stabilised around a new level. As of September 20, the average deposit rate for newly generated transactions stood at 6.38% per year, up 1.15 percentage points from the end of 2025.

Looking ahead to the final quarter, Mr. Pham Chi Quang, director of the SBV’s Monetary Policy Department, said rapid changes in the policies of major central banks in the world were adding pressure on Vietnam’s monetary policy.

With global interest rates trending higher, Vietnamese rates are unlikely to remain completely insulated from the broader trend, Mr. Quang said. The challenge is compounded by the economy’s continued need for substantial credit to support high growth.

Credit growth reached 19.07% in 2025, the highest level in 15 years. While strong economic growth requires continued credit expansion, rapid lending growth can also increase inflationary pressures.

The SBV will therefore continue to use monetary policy tools to support economic growth while limiting additional pressure on inflation.

Exchange rates will also remain a key policy variable. As a highly open economy, Vietnam could face imported inflation if exchange-rate movements are not effectively managed amid elevated global inflation.

The SBV will closely monitor money supply channels, inflation developments and exchange-rate movements to ensure timely policy responses in the coming period.

Source: Vneconomy