On April 4, 2026, at the Government’s regular press conference for March 2026, Deputy Governor Pham Thanh Ha of the State Bank of Vietnam (SBV) emphasized that credit institutions are required to strictly implement the measures stipulated in Document No. 2342/NHNN-CSTT dated March 30, 2026. These measures aim to stabilize the common interest rate environment while ensuring a balance between credit growth and deposit mobilization.
Mr. Tran Van Son, Minister-Chairman of the Government Office, chairs the press conference
According to Deputy Governor Pham Thanh Ha, the global economy has recently experienced unprecedented developments, particularly the escalating geopolitical and military tensions in the Middle East, which have driven up oil prices and exerted inflationary pressure on many countries, posing significant challenges for monetary policy management and banking operations.
In response, the SBV has closely followed the direction of the Government and the Prime Minister, proactively implementing a range of measures to control the inflation, maintain the macroeconomic stability, and support sustainable economic growth. The SBV has also coordinated monetary policy instruments in a synchronized manner to ensure sufficient liquidity and meet the economy’s payment needs.
Notably, the SBV has maintained its key policy interest rates, thereby enabling credit institutions to access funding from the central bank at relatively low cost and supporting economic activity.
Document No. 2342/NHNN-CSTT issued by the SBV requires credit institutions and foreign bank branches to implement solutions to stabilize the market interest rates and contribute to the stability of the monetary market. Specifically, they are required to: strictly comply with the SBV regulations on interest rates; strengthen internal control and inspection; promptly and strictly handle violations related to interest rates; balance funding sources and uses to ensure liquidity and the ability to meet payment obligations without disrupting the interest rate environment; and continue to publicly disclose lending interest rates on their websites to provide reference information for customers.
Deputy Governor Pham Thanh Ha answers reporters' questions at the press conference
The Deputy Governor also noted that interest rates have recently come under increasing pressure due to various factors. Capital mobilization by credit institutions may be affected by competition from alternative investment channels, leading to a gradual a gradual upward trend in deposit interest rates since late 2025, following a period of stability.
In addition, credit growth has outpaced deposit mobilization, reflecting strong demand for credit to support economic activities, particularly in the context of the Government’s target of achieving double-digit growth.
Regarding the outlook for monetary policy management, Deputy Governor Pham Thanh Ha stated that the SBV will continue to closely monitor both domestic and international developments to conduct monetary policy in a proactively and flexible manner. The SBV will also maintain close coordination with fiscal policy and other macroeconomic policies to control the inflation, preserve the macroeconomic stability, and support sustainable economic growth.