Central bank’s first 2026 directive prioritises inflation control, macro stability

Central bank’s first 2026 directive prioritises inflation control, macro stability

Directive 01/CT-NHNN sets a 4.5 per cent inflation goal and targets around 15 per cent credit growth to safeguard macro stability and sustainable growth.

The State Bank of Vietnam's headquarters in Hà Nội. — VNA/VNS Photo

he State Bank of Vietnam (SBV) has issued its first directive of 2026, pledging to run monetary policy in a proactive and flexible manner while closely coordinating with fiscal policy to prioritise inflation control and macro-economic stability.

Directive 01/CT-NHNN, dated January 9, sets out the key tasks for the banking sector this year, with the central goal of keeping average inflation at around 4.5 per cent while supporting sustainable economic growth and ensuring system safety.

The SBV targets credit growth of about 15 per cent for the whole system, subject to adjustment in line with macro-economic and market developments. It will also step up foreign exchange management and reserve operations to help stabilise the currency market and support monetary policy management.

This move comes as Việt Nam successfully kept inflation at 3.31 per cent in 2025, well within the National Assembly's target of around 4 per cent, while credit growth surged to 17.87 per cent by late December – one of the highest rates in recent years. Total outstanding credit reached over VNĐ18.4 quadrillion (around US$722 billion) as of December 24.

The central bank will prioritise improvements to the legal framework for monetary and banking activities in line with Resolution 66-NQ/TW, aiming to remove overlaps, align with international practices and prevent vested interests in lawmaking.

Administrative reforms will be accelerated with a focus on simplifying procedures for citizens and businesses and expanding full online public services.

Digital transformation remains a key focus, with efforts to standardise sectoral databases, promote cashless payments, ensure payment security and explore new payment technologies, including cross-border models.

The SBV will strengthen inspection, supervision and early warning capacity at both micro and macro levels to prevent risks to the banking system. Measures to control and resolve bad debts will continue, alongside efforts to improve credit quality and risk governance.

The directive also highlights stronger implementation of anti-money laundering and counter-terrorism financing commitments, as Việt Nam prepares for its third mutual evaluation by the Asia-Pacific Group on Money Laundering.

Specific tasks have been assigned to SBV departments, provincial branches and credit institutions, covering monetary, credit and foreign exchange management, legal reform, digital banking, organisational restructuring and international cooperation.

The SBV said these measures are intended to maintain macro-economic stability, control inflation and create favourable conditions for sustainable growth in 2026. 

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