Vietnam's 11-month credit grows 16.56% to top $690 bln

Total outstanding loans in Vietnam reached over VND18.2 quadrillion ($690.4 billion) in the year to November 27, up 16.56% from end-2024, which was a stronger growth compared to the previous years.

Pham Thanh Ha, Deputy Governor of the State Bank of Vietnam (SBV), the country's central bank, made the statement at the government’s regular press briefing on Saturday.

"Global economic conditions this year have been complex due to geopolitical tensions, trade policies, and climate change. Although global inflation has eased, risks of a renewed uptick remain, while the global recovery is proceeding slowly," he noted.

Such global developments could complicate inflation control and monetary market stabilization in Vietnam, given the country’s high degree of openness and deep integration into the global economy, Ha said.

He added that liquidity in the banking system has been maintained, money markets are broadly stable, and the exchange rate has moved flexibly in line with market conditions. Lending rates have remained stable with a downward bias, while the foreign exchange market has functioned smoothly, with legitimate foreign currency demand met in full and on time.

In the year to November 27, total credit to the economy exceeded VND18.2 quadrillion ($690.4 billion), up 16.56% from end-2024, compared with an 11.47% increase in the same period in 2024 from end-2023 and 15.09% growth for full-year 2024.

The deputy governor said the results of monetary policy management have helped keep inflation under control and are in line with targets set by the parliament and the government.

Average consumer price index (CPI) in the first 11 months of 2025 rose 3.29%, below the target range of 4.5-5%, while core inflation was 3.21%. GDP growth reached 7.85% in the first nine months of 2025 and continued to gather momentum, helping to underpin macroeconomic stability.

Looking ahead, the SBV said monetary policy prospects among major central banks, particularly the U.S. Federal Reserve, remain difficult to predict and could affect global markets as well as currencies in emerging and developing economies, posing challenges for Vietnam’s interest rate and exchange rate management.

The SBV said it will continue to operate monetary policy tools in a proactive and flexible manner, in close coordination with fiscal and other macroeconomic policies, to support liquidity for credit institutions through multiple channels.

"The aim is to stabilize money and foreign exchange markets, particularly during the year-end peak period, while safeguarding macroeconomic stability, controlling inflation, and supporting economic growth."