Economic credit reached over 17.2 million billion VND as of June 30

In his opening speech, Deputy Governor Pham Thanh Ha stated that in the first months of 2025, global economic growth slowed down, affected by many factors: from rapidly changing tariff policies to increasing geopolitical tensions.

“Early in the morning of July 8 (Vietnam time), the US announced a tax rate of 25-40% for 14 countries, effective from August 1, and warned that it would increase the tax if these countries retaliate, showing that the global economy is still uncertain in the coming period. Although inflation has cooled down to the target level, there is still a potential risk of rising again.

Thus, potential risks in the world financial and monetary markets create pressure on the management of monetary policy, exchange rates, domestic interest rates, as well as the implementation of the goal of supporting economic growth of 8% or more in 2025," Deputy Governor Pham Thanh Ha acknowledged.

Deputy Governor of the State Bank Pham Thanh Ha delivered the opening speech at the press conference.

In that context, the State Bank always closely monitors developments in the domestic and international macro-economy, financial and monetary markets to develop appropriate management scenarios; proactively, flexibly, promptly and effectively manage monetary policy, closely and synchronously coordinate with fiscal policy and other macroeconomic policies, contributing to prioritizing the strong promotion of economic growth associated with maintaining macroeconomic stability, controlling inflation, and ensuring major balances of the economy.

Specifically, the State Bank conducts open market operations flexibly and proactively, in accordance with developments in the monetary market and the State Bank's monetary policy management goals.

According to Director of the Monetary Policy Department (State Bank) Pham Chi Quang, in the first 6 months of 2025, the State Bank will continue to maintain the operating interest rates, creating conditions for credit institutions to access capital from the State Bank at low costs, thereby creating conditions to support the economy.

At the same time, the State Bank regularly directs credit institutions to continue to reduce operating costs, increase the application of information technology, digital transformation and other solutions to strive to lower lending interest rates.

In the context of unpredictable developments in the international economic and political situation, the State Bank has flexibly managed exchange rates and coordinated monetary policy tools to stabilize the foreign exchange market, contributing to stabilizing the macro-economy and controlling inflation.

Thanks to that, the foreign exchange market operates smoothly, the legitimate foreign currency needs of the economy are fully and promptly met; the VND exchange rate fluctuates flexibly, in accordance with market conditions.

Director of Monetary Policy Department Pham Chi Quang speaks at the press conference.

Based on the economic growth and inflation targets for 2025 set by the National Assembly and the Government, the State Bank expects the credit growth of the entire system in 2025 to be about 16%, with appropriate adjustments to developments and actual situations. The State Bank has assigned all credit growth targets to banks since the beginning of the year, publicly and transparently announcing the principles for banks to proactively implement credit growth.

By June 30, economic credit reached more than 17.2 million billion VND, up 9.9% compared to the end of 2024, with credit focused on priority areas and production and business.

In the first 5 months of 2025, non-cash payment transactions increased by 45.44% in quantity and 25.21% in value; via the Internet channel increased by 47.09% in quantity and 34.46% in value; via mobile phone channel increased by 39.90% in quantity and 23.22% in value; transactions via QR Code increased by 76.62% in quantity and 179.14% in value; via the Interbank Electronic Payment System increased by 9.99% in quantity and 39.85% in value; via the Financial Switching and Electronic Clearing System increased by 14.33% in quantity and 3.85% in value,.... compared to the same period in 2024.

Regarding the direction of monetary policy and banking operations in the following months of 2025, Deputy Governor of the State Bank Pham Thanh Ha also said that the State Bank will proactively, flexibly, promptly, effectively, synchronously, harmoniously and closely manage monetary policy with fiscal policy and other policies, contributing to prioritizing economic growth, while stabilizing the macro economy and controlling inflation, including continuing to direct credit institutions to reduce operating costs, increase the application of information technology, digital transformation and other solutions to reduce lending interest rates.

In addition, the State Bank continues to closely monitor developments in international and domestic markets, flexibly manage exchange rates in accordance with market conditions, and synchronously coordinate with monetary policy tools to stabilize the foreign exchange market, contributing to stabilizing the macro economy and controlling inflation, etc.

HONG ANH

Source: https://nhandan.vn/tin-dung-nen-kinh-te-dat-hon-172-trieu-ty-dong-den-ngay-306-post892344.html