HÀ NỘI — The State Bank of Vietnam will closely monitor global market volatility and steer monetary policy in a proactive and flexible manner, while coordinating with fiscal and other macroeconomic tools to safeguard stability, contain inflation and support sustainable growth.

At the Government’s regular press briefing for February on Wednesday, Deputy Governor Phạm Thanh Hà said the global economic landscape has remained complex and unpredictable since late 2025, posing mounting challenges for monetary management.

Following directives from the Government and the Prime Minister, the central bank has introduced timely and coordinated measures to curb inflationary pressures, stabilise the macroeconomy and maintain growth momentum.

The SBV has deployed a synchronised set of policy instruments to ensure ample liquidity, particularly during the year-end peak period. As a result, the money market has remained broadly stable, with interest rates largely reflecting supply and demand conditions. Lending rates for new loans are trending downward, according to the central bank.

Credit growth has accelerated early this year. As of February 26, total outstanding loans in the banking system reached VNĐ18.86 quadrillion (US$719.3 billion), up 1.4 per cent from the end of 2025 and about 20.18 per cent year-on-year.

Exchange rates have been managed flexibly in line with market developments, ensuring that legitimate foreign currency demand is met in a timely manner. By the end of February 2026, the average interbank exchange rate stood at VNĐ26,044 per US dollar, down roughly 0.94 per cent from the close of 2025.

Hà warned that Việt Nam’s highly open economy remains vulnerable to external shocks amid intensifying global uncertainties. Rising geopolitical tensions and conflict in the Middle East have pushed oil prices sharply higher, at times surging between 8 and 13 per cent, adding to global inflationary pressures.

Meanwhile, major central banks, including the US Federal Reserve, have adopted a more cautious stance on monetary easing. Some have signalled the possibility of an interest rate hike as early as March in response to inflation risks, increasing pressure on domestic exchange rates and financial markets.

In the coming period, the SBV will calibrate interest rate management in line with macroeconomic developments and inflation trends, and require credit institutions to publicly disclose lending rates to enhance transparency.

Exchange rate policy will continue to be managed flexibly through a coordinated use of monetary tools to maintain stability in the foreign exchange market.

On credit, the central bank will guide lending expansion in line with economic conditions, prioritising capital flows to production, business activities and key growth drivers, while tightening oversight of high-risk sectors. Efforts will also focus on streamlining lending procedures, accelerating digital transformation in credit processes and improving access to bank financing for businesses and individuals. — VNA/VNS