Vietnam implements monetary caution and stock market reforms

monetary policy credit growth stock market reform inflation control banking sector

Vietnam's State Bank (SBV) is navigating a complex economic landscape, balancing the need for credit to support growth against rising inflation pressures. As of September 30, 2026, total credit reached approximately 20.75 quadrillion VND, an 11.59% increase from the end of 2025. A significant portion of this capital, roughly 77.4%, has been directed toward production and business activities, with notable growth in high-tech enterprises and exports.

To manage inflation, which saw a 5.08% year-on-year increase in September, the SBV is maintaining tight control over money supply and exchange rate fluctuations. The central bank has also directed commercial banks to stabilize interest rates and ensure liquidity while providing necessary capital for key economic drivers.

Simultaneously, the Ministry of Finance and the State Securities Commission (SSC) are planning major structural reforms for the stock market. A key initiative involves transferring all listed stocks from the Hanoi Stock Exchange (HNX) to the Ho Chi Minh City Stock Exchange (HoSE), a process expected to be completed within 2026. The SSC is also researching new trading mechanisms, including midday trading sessions and expanded price fluctuation limits, to enhance market transparency and efficiency.