Vietnam economy seeks diverse capital channels amid global interest rate shifts

Vietnam's economy faces a growing need for diversified capital channels as reliance on bank credit remains high. While total credit debt has exceeded 20 quadrillion VND, the economy requires significant investment to meet growth targets for 2026-2030. There is a noted mismatch between short-term bank deposits and the medium-to-long-term capital required for infrastructure and energy projects.

Globally, major central banks are shifting toward more cautious monetary policies due to persistent inflation. The European Central Bank (ECB) and the U.S. Federal Reserve have implemented interest rate hikes, while the Bank of Japan (BoJ) has raised rates to its highest level in years. These international shifts impact exchange rates and capital flows in Vietnam.

In response, the State Bank of Vietnam is working to stabilize interest rates and inject liquidity. The central bank recently opened a foreign exchange swap channel with a maximum scale of approximately 48,800 billion VND to support credit institutions. Domestically, efforts are focused on maintaining stable deposit and lending rates to support production and business activities while managing inflation, which has been approaching the 4.5% target.