On July 3, 2025, at the monthly Government’s Press Conference for June 2025, answering the reporters' questions about the credit growth, Deputy Governor Pham Thanh Ha of the State Bank of Vietnam (SBV) emphasized that “In the last 6 months of 2025, the SBV will continue to operate synchronous credit solutions in alignment with the macroeconomic developments, the inflation, as well as the capital absorbability of the economy.”
The SBV Deputy Governor shared that since the beginning of the year, beside some favorable factors, the economy has been facing many difficulties and challenges. Having followed closely the policies of the Party, the National Assembly and the Government, and the guidance of the Prime Minister, based on the actual market developments, the SBV has been operating the monetary policy in a proactive and flexible manner, in collaboration with the fiscal policy and other macroeconomic policies.
Regarding the interest rates, the SBV has remained the operating interest rates unchanged to maintain a stable level of the interest rates, creating favorable conditions for the credit growth. The commercial banks have also actively implemented the SBV’s guidance on maintaining stable mobilization interest rates, thereby reducing the lending interest rates. As a result, the average lending interest rate for new loans has been kept at 6.38% p.a., a decrease of about 0.6% as compared to the end of 2024.
Regarding the credit, to meet the demands for capital of the economy, the SBV has set an overall credit growth target of 16%, with possible adjustments in accordance with the actual situation. As a result, as of June 26, 2025, the total outstanding credit of the whole system reached over 16,900 trillion VND, an increase of 8.3% as compared to the end of 2024.
The credit structure has been maintained in alignment with the structure of the economy, meeting the credit demands of both individuals and businesses. The key sectors include: agriculture, forestry, and fisheries (accounting for about 6.37% of the total credit outstanding); manufacturing and processing (12.84%); construction (7.53%). Other service sectors, including wholesale and retail, account for around 23.74%.
Regarding the credit for the priority sectors, including agriculture, rural development and SMEs continues to play a significant portion. Specifically, the credit for agriculture and rural development accounts for 23.16%, while the credit for SMEs accounts for 17.51%. Regarding the growth rate, the credit for support industries and high-tech enterprises is both increasing at very high growth rates, and currently accounting for 15.69% and 17.59% of the total credit outstanding respectively.
The credit institutions have continued to disburse for the credit programs under the guidance of the Government and the Prime Minister, such as the Credit Program for the Agriculture, Forestry and Fisheries Sectors, the Program of 1 million hectares of high-quality, low-emission rice in the Mekong Delta, etc.
“In order to achieve the targets of controlling inflation, maintaining the stability of the macro economy, and promoting the economic growth according to the Government's directions, in the last 6 months of the year, the SBV will continue to operate synchronous credit solutions in alignment with the macroeconomic developments, the inflation, as well as the capital absorbability of the economy. In addition, the SBV will promptly implement solutions to remove any difficulties, creating favorable conditions for both individuals and businesses to access bank credit,” Deputy Governor Pham Thanh Ha emphasized.
DL