HCMC – Vietnam’s central bank expects credit to grow around 15% in 2026 and will tighten controls on high-risk sectors, including real estate, to support macroeconomic stability and banking system safety.

The State Bank of Vietnam (SBV) said the 2026 credit target may be adjusted up or down depending on actual market conditions, while ensuring inflation control, economic stability, growth support and the safety of credit institutions. In guidance on credit management for 2026, the SBV said it will continue to run monetary policy in a proactive, flexible and timely manner, in line with National Assembly resolutions and directions from the Government and the prime minister. Monetary policy will be coordinated closely with a targeted expansionary fiscal policy and other macroeconomic measures, the SBV said. The objectives include stabilizing the macroeconomy, controlling inflation, supporting growth and restructuring banks under mandatory transfer arrangements. The SBV has issued documents to banks outlining transparent principles for allocating 2026 credit growth quotas. Credit limits will be based on each bank’s supervisory rating score for 2024 under existing regulations, multiplied by a common coefficient applied across the system. Lenders are required to strictly control credit growth in sectors considered to carry higher risks, particularly real estate, during 2026. The SBV said credit should be directed toward production, business activities, priority sectors and key drivers of economic growth, while maintaining money market liquidity and system safety. Credit institutions were instructed to fully and promptly implement Government directives on credit solutions. Credit growth must comply with the law and align with each bank’s risk management capacity, liquidity position and funding capability, while maintaining prudential ratios, especially liquidity and payment capacity ratios. The SBV also required banks to improve credit quality, ensure loans are used for their intended purposes, limit the rise of bad debts and strengthen internal inspection and control.