The State Bank of Vietnam (SBV) has announced a projected credit growth target of approximately 15% for the entire banking system in 2026. The rate may be adjusted flexibly depending on actual developments, with a focus on curbing inflation, stabilizing the macroeconomy, supporting economic growth, and maintaining the safety of credit institutions.

On December 31, 2025, the SBV issued an official document to credit institutions (CIs) outlining a transparent and public framework for 2026 credit growth assignments. Each institution’s growth quota will be based on its 2024 ranking results, in accordance with Circular 52/2018/TT-NHNN (as amended), and multiplied by a standardized coefficient applied to all CIs.

Alongside these plans, the SBV has instructed credit institutions to strictly control credit expansion into high-risk sectors, especially real estate. The goal is to redirect capital flows toward production, business activities, priority sectors, and economic growth drivers, while ensuring money market liquidity and operational safety within the credit system.

Credit institutions are required to implement the government’s directives promptly and thoroughly, ensuring the effective deployment of credit solutions in line with macroeconomic objectives.

The SBV emphasized that credit growth must be achieved safely and in compliance with legal regulations. Institutions must align their credit expansion with their risk management capabilities, liquidity conditions, and capital mobilization capacity. They are also expected to maintain required safety ratios  -  particularly liquidity and solvency ratios  -  while improving credit quality, ensuring efficient capital use, and limiting the growth and emergence of bad debts.

Moreover, the SBV has urged banks to enhance their credit evaluation and appraisal capacity, strengthen internal inspection and control of lending activities, and ensure full compliance with legal provisions. Violations of laws or internal rules in the lending process must be promptly identified and dealt with strictly.

Throughout 2026, the SBV will closely monitor market dynamics to proactively and flexibly manage credit growth. The objective is to support credit institutions in capital provision for the economy while contributing to macroeconomic stability and inflation control.

Tuan Nguyen