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Vietnam is expected to rely more heavily on expansionary fiscal policies to achieve its ambitious economic growth targets, while the scope for further monetary easing remains limited, according to Deputy Governor of the State Bank of Vietnam (SBV) Pham Thanh Ha.
Speaking to the state-run Dau Tu Chung Khoan newspaper, Ha emphasized that Vietnam remains committed to maintaining macroeconomic stability and controlling inflation, even as the government pursues stronger economic expansion. He stressed that the country will not compromise long-term economic stability for rapid short-term growth.
Vietnam has set a goal of achieving at least 10% GDP growth while keeping inflation at 4.5% in 2026. However, economic challenges have intensified in recent months. Inflation has accelerated, and the country recorded a record-high trade deficit in May as global uncertainties, including the ongoing Iran conflict, affected trade and market conditions.
According to Ha, the central bank continues to follow a prudent monetary policy aimed at preserving economic stability and managing inflation risks. With limited room for additional monetary measures, he said fiscal policy should play a larger role in supporting economic development.
“Given that the current room for monetary policy is narrow, priority should be given to targeted expansionary fiscal policy, making fiscal policy truly a pillar for promoting high and sustainable growth,” Ha said.
Vietnam’s economy has historically depended on strong credit growth to support expansion. Data from the central bank showed that total bank lending had increased by 3.83% as of April 21 compared with the end of the previous year.
The government has set a credit growth target of 15% for 2026, highlighting the continued importance of lending in driving business activity, investment, and consumption. Policymakers are expected to balance growth initiatives with inflation control as Vietnam seeks to sustain high economic growth while protecting financial stability.
