ĐIỀU HÀNH CHÍNH SÁCH TIỀN TỆ VÀ HOẠT ĐỘNG NGÂN HÀNG Ở VIỆT NAM NĂM 2025 DỰ BÁO VÀ KHUYẾN NGHỊ NĂM 2026

Abstract

In 2025, the management of monetary policy and banking operations in Vietnam took place amid significant fluctuations in both the global and domestic economic environments, yet still achieved relative stability in exchange rates, interest rates, credit growth, and inflation. This study analyzes international factors and domestic macroeconomic conditions affecting the management of monetary policy and banking operations in Vietnam. The research results show that the State Bank of Vietnam conducted monetary policy in a proactive and flexible manner, closely coordinating with fiscal policy, thereby contributing to keeping average inflation below 4%, maintaining credit growth at around 16%, and increasing foreign exchange reserves to over USD 100 billion. Commercial banks continued to strengthen capital adequacy, effectively handle non-performing loans, accelerate digital transformation, and promote the development of green credit. Despite these positive outcomes, the financial system still faces several challenges. Based on these findings, the study proposes policy recommendations for 2026.