
A customer conducts transaction at an Agribank office in Hanoi. (Photo: VNA)
The State Bank of Vietnam (SBV) announced the policy shift as system-wide credit expanded by about 10 per cent from January to July, compared to just 6 per cent in the same period last year.
This acceleration signals stronger capital absorption and an improving economic outlook, said Pham Thi Hoang Anh, Vice President of the Banking Academy. However, she stressed that credit growth must focus on productive sectors and emerging drivers such as green and high-tech industries.
Nguyen Thuong Lang, senior lecturer at the National Economics University, estimated that GDP growth of 8.3 to 8.5 per cent would require credit growth in the second half to be 1.8 to 2.3 times higher than in the first seven months. He urged improvements in credit quality and lower lending rates to boost demand.
Commercial banks have already begun cutting lending rates. At TPBank, Deputy CEO Nguyen Viet Anh said lending costs fell by more than 0.85 per cent in the first half of the year, thanks to digitalisation, cost-cutting, and increased foreign funding.
At BIDV, CEO Le Ngoc Lam said the bank had sacrificed VND 3 trillion (approximately USD 114.4 million) in income to bring lending rates down by 0.4 per cent since January.
Flexible approach prioritises growth
On August 5, the Government issued Resolution No. 226/NQ-CP directing the SBV to adjust credit growth targets transparently in line with inflation goals to support overall GDP growth.
The SBV is tasked with managing monetary tools proactively and coordinating with fiscal and macroeconomic policies. Credit institutions are expected to cut costs, reduce bad debts, and prioritise lending for production, exports, consumption, and new sectors including digital, green, and circular economies.
Hoang Anh suggested short-term capital be provided by banks, while long-term financing should rely more on bond and securities markets. She also called for careful deposit rate adjustments to help control inflation and maintain exchange rate stability.
Lam proposed that the SBV continue supporting market liquidity, raise online lending limits, and maintain policy flexibility to foster credit growth in the months ahead.