Monetary policy management has yielded many positive results.
Attending the working session were Comrade Pham Gia Tuc, Member of the Political Bureau, Standing Deputy Prime Minister; Comrade Nguyen Van Thang , Member of the Central Committee of the Party, Deputy Prime Minister; Comrade Nguyen Thi Hong, Member of the Central Committee of the Party, Vice Chairwoman of the National Assembly; members of the Central Committee of the Party, leaders of ministries, central agencies, and some localities.
Representing the banking sector were Comrade Pham Duc An, Member of the Central Committee of the Party, Governor of the State Bank of Vietnam; the Deputy Governors of the State Bank of Vietnam; leaders of departments, bureaus, and units under the State Bank of Vietnam; and the Chairmen and General Directors of 30 credit institutions.
The meeting assessed the implementation of monetary policy and the operations of credit institutions during the first seven months of the year; thoroughly analyzed the achievements, shortcomings, limitations, difficulties, and challenges; and identified key directions, tasks, and solutions for the coming period.
Following the Prime Minister’s directive, the working session was conducted seriously, urgently, frankly, substantively, and with a high sense of responsibility, emphasizing the spirit of “correctly identifying the problem, proposing the right solution, and organizing effective implementation.” Delegates focused on discussing and accurately assessing the situation, agreeing on specific solutions to overcome difficulties and challenges in line with the goals of controlling inflation and stabilizing the macroeconomy; specific solutions regarding exchange rates, interest rates, ensuring liquidity and capital for development; further improving institutions and policies; in-depth assessment of the banking system’s operations, especially the quality of inspection and supervision and compliance with discipline and laws in the operations of credit institutions; solutions for developing the capital market to unlock medium and long-term resources and reduce dependence on credit from the banking system; and proposals and recommendations to the Government, the State Bank of Vietnam, and relevant ministries and agencies.
Concluding the working session, Prime Minister Le Minh Hung stated that in recent times, the global situation has continued to change rapidly, complexly, and unpredictably, having a very large and rapid impact, both directly and indirectly, on our country’s economy , including exchange rates, interest rates, liquidity, capital mobilization, and credit for the economy.
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| Governor Pham Duc An speaks at the working session. |
Implementing the resolutions and conclusions of the Party, State, and Government , the State Bank of Vietnam has led, directed, and managed the banking system, contributing to promoting economic growth while maintaining macroeconomic stability, controlling inflation, and ensuring the major balances of the economy.
Accordingly, the State Bank of Vietnam has proactively, flexibly, and promptly managed monetary policy, coordinating relatively closely and synchronously with fiscal policy and other policies to ensure macroeconomic stability; actively reviewed and improved the monetary and banking institutions, promptly identifying and resolving obstacles and inadequacies in mechanisms and policies to support the development of important markets and economic activities; actively supported businesses and people in developing production and business, promoting economic growth through various solutions and policies; achieved positive results in credit growth, focusing on production and business and growth drivers; effectively played its role in managing and maintaining the stability and safety of the credit institution system; resolutely restructured the credit institution system associated with handling bad debts; and actively implemented plans to address weak credit institutions. Pioneering in digital transformation and administrative reform, contributing to improving the business environment, actively applying science and technology, and promoting innovation.
Overall, in recent years, the Vietnamese banking sector has experienced remarkable development in both scale and quality, encompassing financial capacity, management, and the modernization of products and services. On behalf of the Government, the Prime Minister acknowledged and commended the efforts, high determination, and achievements of the banking sector in the past period, making a significant contribution to the overall achievements of the country.
Besides the achievements, the Prime Minister spent considerable time analyzing in detail the difficulties, challenges, shortcomings, and limitations related to the proactive, decisive, and creative approach in policy management; ensuring capital for high and sustainable economic growth based on a solid macroeconomic stability; inadequacies in institutions and policies; the effectiveness and efficiency of inspection and supervision; the quality of operations of credit institutions; administrative procedures and business conditions; risks of high-tech crime, online fraud, and financial scams…
The banking sector must operate more safely, more efficiently, and more modernly.
Looking ahead, the Prime Minister stated that the Government has determined that the monetary system, banking system, and credit institutions are the lifeblood of the economy, playing a crucial role in macroeconomic stability, inflation control, and promoting rapid and sustainable growth. The State Bank of Vietnam’s first priority is to ensure that all mechanisms, policies, and operational activities are geared towards consolidating macroeconomic stability, maintaining major economic balances, strengthening resilience, ensuring a safe, sound, transparent, and efficient banking system operating according to market principles; focusing on unlocking and effectively allocating capital to the economy; ensuring convenient access to credit and banking services for individuals and businesses; and promoting digital transformation, innovation, and enhancing the governance capacity and competitiveness of credit institutions.
“Entering a new phase, the requirements for the banking sector are not only to develop in scale but also to be safer, more efficient, and more modern. Scale must go hand in hand with quality; credit growth must go hand in hand with risk control; digital transformation must go hand in hand with data security; and international integration must go hand in hand with governance capacity according to international standards,” the Prime Minister stated, and urged the entire banking sector to strongly promote the spirit of “proactive, timely, flexible, creative, safe, efficient, responsible, and decisive,” closely monitoring the situation and strongly innovating in thinking and management methods.
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| The Deputy Governors of the State Bank of Vietnam attended the working session. |
Regarding future tasks and solutions, the Prime Minister requested the State Bank of Vietnam and credit institutions to focus on thoroughly understanding and effectively implementing the Resolution of the 14th National Congress of the Party, the Resolutions, conclusions, and directives of the Central Committee, the Politburo, the Secretariat, the National Assembly, and the Government, especially Conclusion No. 18-NQ/TW dated April 2, 2026 of the Central Committee, the specialized resolutions of the Politburo, and the directives of the Prime Minister.
The Prime Minister emphasized that monetary policy management must ensure the objectives of controlling inflation, maintaining macroeconomic stability, ensuring major economic balances, system safety, and supporting growth, promoting double-digit economic growth based on accurate assessments, forecasts, and data with specific scenarios; “If we want double-digit growth that is rapid and sustainable for many years, we must strengthen the foundation of macroeconomic stability and consolidate the confidence of the people and businesses in the State Bank of Vietnam’s management capacity,” the Prime Minister stated.
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| Delegates attending the meeting |
The State Bank of Vietnam needs to quantify and regularly assess the “balance point” between the requirements of controlling inflation and supporting growth. Accordingly, it should update solutions for managing monetary policy tools: interest rates, exchange rates, money supply, liquidity, and credit, based on specific scenarios; determine warning thresholds; ensure timely, rapid, and effective policy responses; propose specific policies and flexible, proactive, and balanced management solutions; and proactively adjust the intensity, dosage, and timing of the use of policy tools within its authority to maximize effectiveness and strive to achieve the set targets.
The Prime Minister emphasized that this is a key task, demonstrating the State Bank of Vietnam’s (SBV) operational capacity and leadership in 2026 and the 2026-2030 period; the SBV needs to strongly innovate its thinking and operational methods, being proactive, creative, modern, and decisive. At the same time, credit institutions must strictly comply with legal regulations and the SBV’s directives.
Regarding the proactive, flexible, safe, and effective management of interest rates, exchange rates, and credit policies in line with objectives, the Prime Minister stated that in recent macroeconomic management, the Government has primarily used fiscal policy (reducing and deferring taxes and fees), while also decisively cutting down on procedures, implementation time, and compliance costs for the economy, people, and businesses, including banks, without putting pressure on the State Bank of Vietnam and the banking system regarding credit and interest rates. The State Bank of Vietnam and the banking system need to act with a high sense of responsibility and be more decisive in mobilizing resources for growth on the foundation of macroeconomic stability. In particular, they need to share responsibility with people and businesses through specific measures to stabilize interest rates, reduce lending rates, direct credit to the right sectors, serve growth, and tightly control risks.
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| Overview of the working session |
The State Bank of Vietnam (SBV) maintains policy interest rates and strengthens liquidity supply to the market, thereby supporting credit institutions in accessing capital at low costs; manages exchange rates flexibly, in line with market developments, coordinating synchronously with monetary policy tools and flexibly intervening in the market to stabilize the foreign exchange market. It continues to strictly manage the gold market. Credit institutions continue to reduce costs, stabilize interest rates, and substantially reduce lending rates.
Regarding credit, the State Bank of Vietnam (SBV) will manage credit growth closely aligned with the 2026 target, but will not consider this a “rigid ceiling” at all times; management needs to be proactive and flexible according to actual developments, ensuring capital reaches the right sectors, at the right time, to the right recipients, for the right purposes, and at reasonable costs. Credit will be focused on production, exports, high technology, supporting industries, agriculture, innovation, social housing, rental housing, essential infrastructure, important national projects, priority sectors, and growth drivers…
In addition, the Prime Minister requested a continued comprehensive review, amendment, and supplementation of regulations and the improvement of institutions related to currency and banking; proactive coordination with ministries, agencies, localities, business associations, and banks to propose mechanisms and policies in areas such as capital market development, corporate bonds, and priority sectors of the economy.
The State Bank of Vietnam (SBV) will closely coordinate with agencies of the National Assembly to receive feedback, finalize, and submit to the National Assembly for approval the draft Law amending and supplementing a number of articles of the Law on the State Bank of Vietnam, the Law on Anti-Money Laundering, and the Law on Credit Institutions at the August 2026 session; ensuring the issuance of full guiding documents as soon as the Law takes effect, avoiding legal gaps. Credit institutions should proactively report difficulties and actively participate in the process of building and perfecting the legal framework.
The Prime Minister requested the State Bank of Vietnam (SBV) to focus on finalizing the plan to further modernize the banking system, address weak credit institutions, and enhance access to capital for businesses, especially small and medium-sized enterprises (SMEs), to be completed by August 2026. He also urged a strong and rapid reform of inspection and supervision methods; strengthening early and remote supervision, early warning systems, and specialized inspections; proactively coordinating with relevant agencies to warn, proactively address, and strictly handle violations in banking operations, ensuring system safety, especially regarding ownership, credit granting, loan management, and compliance with operational safety regulations. He also called for increasing the charter capital of state-owned commercial banks. Credit institutions need to focus on improving governance capacity, risk management, internal control, financial capacity, and strictly complying with legal regulations.
In addition, it is necessary to promote the development of science and technology, innovation, and digital transformation; and to ensure the security, safety, confidentiality, and continuous operation of information technology systems and payment activities. The Prime Minister also requested the State Bank of Vietnam and credit institutions to continue to contribute more actively and responsibly to ensuring social security; and to innovate communication work towards professionalism, efficiency, and providing accurate information based on science.
The Prime Minister also gave his opinion on the proposals and recommendations at the working session and directed the tasks of ministries, sectors, and localities, including the Ministry of Finance to effectively and on time implement the assigned tasks on the overall reform of Vietnam’s financial market associated with achieving the goal of high and continuous growth until 2045 (approved by the Prime Minister in Decision No. 1413/QD-TTg dated July 27, 2026); implement solutions to develop the capital market to supply capital to the economy in the medium and long term; effectively implement policies on tax, fee, and land rent exemptions, reductions, and extensions in 2026, and VAT refunds to support people and businesses; accelerate the disbursement of public investment; develop financial products and soon bring the International Financial Center into operation safely, transparently, efficiently, and with international competitiveness; The study advises on increasing the mobilization of international capital, including ODA funds, bilateral loans, and the issuance of international bonds with appropriate maturities and interest rates, thereby creating additional resources for socio-economic development.
Ministries, relevant agencies, and localities, according to their functions and duties, should coordinate closely and synchronously with the State Bank of Vietnam, especially in improving institutions; strengthening connectivity and data sharing; preventing, combating, and strictly handling crimes, fraud, and violations in the financial and banking sector, contributing to unlocking resources and ensuring the safe, transparent, stable, and sustainable operation of the financial and monetary markets.
As the lifeblood of the economy, the tasks and requirements placed on the banking sector in 2026 and beyond are very heavy but extremely important, the Prime Minister stated. The Government leadership believes that with unity, consensus, high determination, and strong innovation in thinking and action, the banking sector will continue to build on its achievements, strive to overcome difficulties and challenges, and endeavor to excellently fulfill the tasks and responsibilities entrusted by the Party, the State, and the People.
Source: https://thoibaonganhang.vn/uu-tien-hang-dau-cua-nhnn-la-huong-toi-cung-co-on-dinh-vi-mo-bao-dam-cac-can-doi-lon-cua-nen-kinh-te-186255.html