Synchronize fiscal and monetary policies to support the economy.
Under the pressure of the double-digit growth targets set for the period 2026-2030, the question of mobilization and effective use of financial resources is no longer a simple technical question for the financial and banking sector alone, but has become a central theme of the entire economic advancement strategy.
During the Finance – Banking thematic session organized within the framework of the Vietnam Economic Forum 2025, Outlook 2026, held on the morning of December 16, the analyzes and assessments of the fiscal and monetary authorities clearly revealed a multifaceted picture of the economy, were opportunities and challenges intertwine, requiring a new approach to resource allocation and use.
The Finance – Banking thematic session as part of the Vietnam Economic Forum 2025,Perspectives 2026.
Speaking at the forum, Deputy Finance Minister Do Thanh Trung highlighted that despite a volatile international economic environment, Vietnam has maintained macroeconomic stability, controlled inflation and recorded relatively high growth. This result is closely linked to the government’s overall implementation of fiscal policies to support the economy, including measures such as exemptions, reductions and extensions of taxes and fees, as well as the prioritization of resources for essential projects, social protection and public services.
Meanwhile,from a monetary policy perspective,Ms. Ha Thu Giang, Director of the Economic Sectors Credit Department of the State Bank of vietnam, said that the banking sector has closely followed the guidance and directives of the Party, the National Assembly and the Government, implementing monetary and credit policies aimed at both controlling inflation, stabilizing the macroeconomy and supporting sustainable growth.
According to Deputy Minister Do Thanh trung, the state budget continues to guarantee development investments and current expenditures, while maintaining a total social investment rate of around 32-33 percent of GDP. These resources are dedicated to the development of strategic, economic and social infrastructure, thus creating a favorable environment for investments and attracting other sources of financing. The investment structure shows that the private sector (households and businesses) accounts for more than 65% of total social investments, while foreign direct investment (FDI) contributes around 16%, placing Vietnam among the top 15 countries in the world in terms of FDI attraction.
Along with investment flows, the size of the financial market continues to grow. As of November 30, it’s total size was estimated at around $390 billion, or 82% of GDP.
Though, this picture is not without nuances. The Deputy Finance Minister made it clear that the growth model, heavily dependent on cheap capital and labor, as well as outsourcing, is gradually reaching its limits. The objective of double-digit growth for the coming period requires not only increasing the volume of investments, but also a essential rethinking of the allocation, management and use of resources. Fiscal policy thus plays a driving role in growth, acting proactively and sustainably, and targeting key areas, including investment in development and strategic sectors such as digital infrastructure and ecological transition, while ensuring financial security and controlling public debt.
Flexible management to prepare for a new phase of growth.
Even though fiscal policy is expected to lay the foundation for long-term growth, bank credit remains the main channel for capital circulation in the economy in the short to medium term. According to Ms. ha Thu Giang, the State Bank of Vietnam has, in fact, strengthened its sup