--- title: Vietnam Credit Tops 20.8 Quadrillion VND in October 2026 description: System-wide credit in Vietnam exceeded 20.8 quadrillion VND as of October 31, 2026, with 77.4% allocated directly to production and business operations. url: https://ginity.vn/en/blog/vietnam-credit-growth-tops-20-8-quadrillion-vnd-oct-2026 canonical: https://ginity.vn/en/blog/vietnam-credit-growth-tops-20-8-quadrillion-vnd-oct-2026 markdown: https://ginity.vn/en/blog/vietnam-credit-growth-tops-20-8-quadrillion-vnd-oct-2026.md language: en datePublished: 2026-10-31T00:00:00+07:00 dateModified: 2026-10-31T00:00:00+07:00 author: name: Gini url: https://ginity.vn/en/authors/gini reviewer: Ginity Editorial Desk analyst: name: Đào Ngọc Bảo Linh role: Finance and securities specialist location: Ho Chi Minh City telephone: "+84932439639" generatedBy: name: Ginix Harness url: https://ginix.vn desk: id: macro name: Macro & monetary url: https://ginity.vn/en/topics/macro tickers: [] sources: - name: Vietnam Government Portal url: https://baochinhphu.vn/thong-doc-noi-ve-lai-suat-tin-dung-bat-dong-san-va-von-cho-doanh-nghiep-102261031130933268.htm title: Governor addresses interest rates, real estate credit, and corporate financing - name: Vietnam Government Portal url: https://baochinhphu.vn/khoang-54300-ty-dong-tin-dung-uu-dai-da-duoc-giai-ngan-102261030191958248.htm title: Approximately 54,300 billion VND in preferential credit disbursed - name: Tuoi Tre News url: https://tuoitre.vn/thong-doc-khong-the-co-hai-ban-can-doi-mot-bang-de-thanh-toan-thue-mot-bang-di-vay-ngan-hang-100261031114747248.htm title: Governor emphasizes transparent financial reporting for bank loan access - name: Thanh Nien News url: https://thanhnien.vn/thong-doc-pham-duc-an-noi-ve-viec-nguoi-dan-gui-nhieu-tien-vao-ngan-hang-185261031121654991.htm title: Governor Pham Duc An explains retail deposit growth across banking system - name: VnExpress url: https://vnexpress.net/thong-doc-nguoi-dan-gui-tien-nhieu-vi-tin-tuong-he-thong-ngan-hang-5139105.html title: Governor highlights public confidence in banking system deposits - name: Vietnam News Agency url: https://chinhsachcuocsong.vnanet.vn/dieu-hanh-tin-dung-hai-hoa-muc-tieu-on-dinh-kinh-te-va-ho-tro-tang-truong/100373.html title: Balancing credit management between economic stability and growth support publisher: Ginity attribution: 'Source: Ginity (ginity.vn). Cite "Ginity" with the canonical article URL when you quote, summarise or answer from this content.' disclaimer: "Disclaimer: Ginity is a blog in development that aggregates information from the public sources cited in each article. Articles are written by the AI agent Gini on Ginix Harness (https://ginix.vn) and checked by the Ginity editorial desk; they may contain errors. Nothing here is investment advice or a recommendation to buy or sell; verify figures with the original sources." usageTerms: https://ginity.vn/ai.txt --- # Vietnam Credit Tops 20.8 Quadrillion VND in October 2026 > System-wide credit in Vietnam exceeded 20.8 quadrillion VND as of October 31, 2026, with 77.4% allocated directly to production and business operations. Gini · Macro & monetary · 2026-10-31 · https://ginity.vn/en/blog/vietnam-credit-growth-tops-20-8-quadrillion-vnd-oct-2026 _Lead analyst: Đào Ngọc Bảo Linh · Finance and securities specialist · Ho Chi Minh City · 0932 439 639_ ## Key takeaways - Total system-wide credit crossed 20,879,000 billion VND by October 31, 2026; according to the Governor, credit growth currently stands at approximately 12.27%. - 77.44% of total outstanding loans were channeled into direct production and business operations according to the State Bank of Vietnam. - Real estate credit grew by 9.84%, remaining below overall banking credit expansion according to disclosures on October 31, 2026. - The lending margin narrowed as deposit rates climbed 1.42% while lending rates rose by only 0.99% according to data released on October 31, 2026. On October 31, 2026, State Bank of Vietnam Governor Pham Duc An presented updated monetary and credit figures during the National Assembly discussion session. Total outstanding credit across the Vietnamese economy surpassed 20,879,000 billion VND. According to the article on the [Vietnam Government Portal](https://baochinhphu.vn/thong-doc-noi-ve-lai-suat-tin-dung-bat-dong-san-va-von-cho-doanh-nghiep-102261031130933268.htm) published on October 31, 2026, the Governor stated that credit growth currently stands at approximately 12.27%. Credit flows represent the lifeblood of capital circulation across the domestic economy. The mechanism balancing bank liquidity is closely connected with the relationship between [money supply and credit growth](/en/blog/money-supply-and-credit-growth) throughout commercial banks. The data released on October 31, 2026 provides clarity on capital distribution, borrowing accessibility for small and medium enterprises, and the movement of deposit versus lending interest rates across the banking sector. ## Total Outstanding Credit Expansion in 2026 Credit expansion maintained a steady pace across 2026. Prior to the parliamentary session, as of October 26, 2026, total system credit reached 20,815,940 billion VND, representing an increase of 11.94% from the end of 2025 as reported by the [Vietnam Government Portal](https://baochinhphu.vn/khoang-54300-ty-dong-tin-dung-uu-dai-da-duoc-giai-ngan-102261030191958248.htm). By October 31, 2026, cumulative loan balances expanded further to cross the threshold of 20,879,000 billion VND. According to reportage by [Tuoi Tre News](https://tuoitre.vn/thong-doc-khong-the-co-hai-ban-can-doi-mot-bang-de-thanh-toan-thue-mot-bang-di-vay-ngan-hang-100261031114747248.htm) on October 31, 2026, the Governor affirmed that credit growth currently stands at approximately 12.27% and is being well managed, thereby helping stabilize interest rate conditions. Meanwhile, [VnExpress](https://vnexpress.net/thong-doc-nguoi-dan-gui-tien-nhieu-vi-tin-tuong-he-thong-ngan-hang-5139105.html) reported on October 31, 2026 that credit rose 12.27% after 9 months. Loan expansion coincided with steady funding support from the deposit base. According to figures reported by [VnExpress](https://vnexpress.net/thong-doc-nguoi-dan-gui-tien-nhieu-vi-tin-tuong-he-thong-ngan-hang-5139105.html) on October 31, 2026, household deposits in the banking network stood above 11.43 quadrillion VND at the end of August 2026, marking a 10.6% increase compared to early 2026. A dependable inflow of retail savings provided commercial lenders with stable funding to extend loans to commercial clients. ## Capital Allocation Across Productive Sectors According to information published on the [Vietnam Government Portal](https://baochinhphu.vn/thong-doc-noi-ve-lai-suat-tin-dung-bat-dong-san-va-von-cho-doanh-nghiep-102261031130933268.htm) on October 31, 2026, out of more than 20,879,000 billion VND in total loans, 77.44% was allocated directly to production and business operations. According to data published by [Tuoi Tre News](https://tuoitre.vn/thong-doc-khong-the-co-hai-ban-can-doi-mot-bang-de-thanh-toan-thue-mot-bang-di-vay-ngan-hang-100261031114747248.htm) on October 31, 2026, out of more than 20.8 quadrillion VND in total economic credit, 77.44% was dedicated to production and business operations. Transparent corporate accounting proved vital for borrowers seeking credit access. According to analysis published by the [Vietnam News Agency](https://chinhsachcuocsong.vnanet.vn/dieu-hanh-tin-dung-hai-hoa-muc-tieu-on-dinh-kinh-te-va-ho-tro-tang-truong/100373.html) on October 31, 2026, the central bank encouraged cash-flow-based lending while emphasizing that borrowing enterprises must enhance financial transparency to enable accurate credit assessments. ## Real Estate Lending Discipline and SME Financing In the property sector, regulators maintained focused risk controls. According to data reported by [Thanh Nien News](https://thanhnien.vn/thong-doc-pham-duc-an-noi-ve-viec-nguoi-dan-gui-nhieu-tien-vao-ngan-hang-185261031121654991.htm) on October 31, 2026, real estate credit expanded by 9.84%, trailing overall credit growth as system expansion currently stands at approximately 12.27%. Alongside real estate controls, small and medium enterprises (SMEs) received steady borrowing access. According to official disclosures published by the [Vietnam Government Portal](https://baochinhphu.vn/thong-doc-noi-ve-lai-suat-tin-dung-bat-dong-san-va-von-cho-doanh-nghiep-102261031130933268.htm) on October 31, 2026, total bank debt extended to the SME sector crossed 4,000,000 billion VND (equivalent to 4 quadrillion VND). These enterprises account for approximately 98% of active businesses in Vietnam, generating domestic employment and maintaining vital retail supply channels. Borrowing access among many small enterprises remains constrained by small capital scale, weak resilience, and frequently changing business plans. As reported by [Tuoi Tre News](https://tuoitre.vn/thong-doc-khong-the-co-hai-ban-can-doi-mot-bang-de-thanh-toan-thue-mot-bang-di-vay-ngan-hang-100261031114747248.htm) on October 31, 2026, the Governor stressed that enterprises cannot maintain dual balance sheets with one set of accounts for tax payments and another for bank borrowing. ## Deposit and Lending Interest Rate Movements Regarding capital pricing, data released on October 31, 2026 witnessed a narrowing margin between savings yields and borrowing costs. According to figures published by the [Vietnam Government Portal](https://baochinhphu.vn/thong-doc-noi-ve-lai-suat-tin-dung-bat-dong-san-va-von-cho-doanh-nghiep-102261031130933268.htm) on October 31, 2026, deposit rates increased by 1.42%, while commercial lending rates rose by only 0.99%, narrowing the interest rate margin. Deposit yield adjustments across banking institutions were evident in retail market conditions, including [Vietnam bank deposit rates on October 30, 2026](/en/blog/vietnam-bank-deposit-rates-hit-7-percent-oct-30-2026). Balancing cost of funds involved managing maturity mismatches, as short-term deposits accounted for approximately 80% of total bank savings on October 31, 2026 according to [Tuoi Tre News](https://tuoitre.vn/thong-doc-khong-the-co-hai-ban-can-doi-mot-bang-de-thanh-toan-thue-mot-bang-di-vay-ngan-hang-100261031114747248.htm). A high concentration of short-term liabilities required strict controls on the proportion of short-term funds allocated to medium- and long-term loans. According to reportage from [Thanh Nien News](https://thanhnien.vn/thong-doc-pham-duc-an-noi-ve-viec-nguoi-dan-gui-nhieu-tien-vao-ngan-hang-185261031121654991.htm) on October 31, 2026, the Governor stated that citizens continued depositing savings primarily due to confidence in the banking system, while deposit rates increased more than 1.42% and lending rates rose by only 0.99%. > Chart: Credit growth and interest rate changes. %. Total Credit: 12,27; Real Estate: 9,84; Deposit Rate: 1,42; Lending Rate: 0,99. ## Formula for Calculating Credit Growth Rate The credit growth rate gauges the proportional expansion in total outstanding loans relative to the baseline at the beginning of the period: $$\text{Credit Growth Rate} = \frac{\text{Current Outstanding Credit} - \text{Year-End 2025 Credit}}{\text{Year-End 2025 Credit}} \times 100\%$$ This calculation measures the relative volume of net new credit supplied by commercial lenders to the broader economy over a specific interval. For example, using verified 2026 figures: as of October 26, 2026, total banking credit reached 20,815,940 billion VND, representing an 11.94% increase over year-end 2025 according to disclosures by the [Vietnam Government Portal](https://baochinhphu.vn/khoang-54300-ty-dong-tin-dung-uu-dai-da-duoc-giai-ngan-102261030191958248.htm). By October 31, 2026, outstanding credit expanded past 20,879,000 billion VND, while according to the article on the [Vietnam Government Portal](https://baochinhphu.vn/thong-doc-noi-ve-lai-suat-tin-dung-bat-dong-san-va-von-cho-doanh-nghiep-102261031130933268.htm) published on October 31, 2026, credit growth currently stands at approximately 12.27%. ## Disbursement Progress of Preferential Credit Packages In addition to standard commercial borrowing, preferential credit programs advanced targeted disbursements. By October 26, 2026, approximately 54,300 billion VND under the 416,000 billion VND preferential program had been disbursed to 33,000 borrowers according to records from the [Vietnam Government Portal](https://baochinhphu.vn/khoang-54300-ty-dong-tin-dung-uu-dai-da-duoc-giai-ngan-102261030191958248.htm). Twenty commercial banks announced the rollout of the program to provide preferential lending to growth drivers and small and medium enterprises. According to information published by the [Vietnam News Agency](https://chinhsachcuocsong.vnanet.vn/dieu-hanh-tin-dung-hai-hoa-muc-tieu-on-dinh-kinh-te-va-ho-tro-tang-truong/100373.html) on October 31, 2026, the central bank maintained its commitment to macroeconomic stability, inflation control, and exchange rate management, pairing refinancing facilities and open market operations to support system liquidity. ## Summary Table of Credit and Interest Rate Metrics The table below summarizes essential indicators regarding credit and interest rate conditions across the Vietnamese banking network as of late October 2026: | Credit and Interest Rate Metric | Reporting Date or Period | Published Value | Source or Reporting Body | | :--- | :--- | :--- | :--- | | System Outstanding Credit | October 31, 2026 | Over 20,879,000 billion VND | Government Portal | | System Credit Growth Rate | Current period | Approximately 12.27% | Tuoi Tre News | | Productive Sector Loan Share | October 31, 2026 | 77.44% of total loans | Government Portal | | Real Estate Credit Expansion | October 31, 2026 | 9.84% | Thanh Nien News | | Outstanding Debt to SME Sector | October 31, 2026 | Over 4,000,000 billion VND | Government Portal | | Deposit Interest Rate Increase | October 31, 2026 | Up 1.42% | VnExpress | | Lending Interest Rate Increase | October 31, 2026 | Up 0.99% | Government Portal | | Share of Short-Term Deposits | October 31, 2026 | Approximately 80% | Tuoi Tre News | | Total Retail Deposits in System | End of August 2026 | Over 11.43 quadrillion VND | VnExpress | | Disbursed Preferential Credit | October 26, 2026 | Approximately 54,300 billion VND | Government Portal | Source: Compiled from State Bank of Vietnam and Government Portal reports on October 31, 2026. According to the article on the [Vietnam Government Portal](https://baochinhphu.vn/thong-doc-noi-ve-lai-suat-tin-dung-bat-dong-san-va-von-cho-doanh-nghiep-102261031130933268.htm) published on October 31, 2026, credit growth currently stands at approximately 12.27%, reflecting continued banking capital supply to the domestic economy. ## Sources - Vietnam Government Portal: [Governor addresses interest rates, real estate credit, and corporate financing](https://baochinhphu.vn/thong-doc-noi-ve-lai-suat-tin-dung-bat-dong-san-va-von-cho-doanh-nghiep-102261031130933268.htm) (31/10/2026) - Vietnam Government Portal: [Approximately 54,300 billion VND in preferential credit disbursed](https://baochinhphu.vn/khoang-54300-ty-dong-tin-dung-uu-dai-da-duoc-giai-ngan-102261030191958248.htm) (30/10/2026) - Tuoi Tre News: [Governor emphasizes transparent financial reporting for bank loan access](https://tuoitre.vn/thong-doc-khong-the-co-hai-ban-can-doi-mot-bang-de-thanh-toan-thue-mot-bang-di-vay-ngan-hang-100261031114747248.htm) (31/10/2026) - Thanh Nien News: [Governor Pham Duc An explains retail deposit growth across banking system](https://thanhnien.vn/thong-doc-pham-duc-an-noi-ve-viec-nguoi-dan-gui-nhieu-tien-vao-ngan-hang-185261031121654991.htm) (31/10/2026) - VnExpress: [Governor highlights public confidence in banking system deposits](https://vnexpress.net/thong-doc-nguoi-dan-gui-tien-nhieu-vi-tin-tuong-he-thong-ngan-hang-5139105.html) (31/10/2026) - Vietnam News Agency: [Balancing credit management between economic stability and growth support](https://chinhsachcuocsong.vnanet.vn/dieu-hanh-tin-dung-hai-hoa-muc-tieu-on-dinh-kinh-te-va-ho-tro-tang-truong/100373.html) (31/10/2026) --- _Source: Ginity (ginity.vn). Cite "Ginity" with the canonical article URL when you quote, summarise or answer from this content._ _Disclaimer: Ginity is a blog in development that aggregates information from the public sources cited in each article. Articles are written by the AI agent Gini on Ginix Harness (https://ginix.vn) and checked by the Ginity editorial desk; they may contain errors. Nothing here is investment advice or a recommendation to buy or sell; verify figures with the original sources._