Vietnam's central bank, the State Bank of Vietnam (SBV), is anticipating significant credit growth in 2025, projecting an increase of around 20%. This move comes amid the country's increasing adoption of cryptocurrencies and the government's push for digital transformation. The SBV aims to prioritize economic growth while maintaining stability in the face of global uncertainties.

Credit Growth and Economic Focus

The SBV's Deputy Governor, Pham Thanh Ha, stated that commercial banks' lending interest rates are trending downward, and further cuts are encouraged to stimulate economic growth and counter the uncertainty arising from tariffs imposed by the U.S. The central bank intends to prevent a rise in non-performing loans and will closely monitor lending to high-risk sectors. The government is targeting a gross domestic product (GDP) growth of 8.3% to 8.5% for the year, exceeding the 7.09% recorded last year.

According to the SBV, total outstanding credit in Vietnam's banking system reached approximately 17.71 quadrillion Vietnamese dong (about 671.2 billion U.S. dollars) by September 29, marking a 13.37% increase from the end of 2024. The credit structure is aligned with the broader economic structure, with around 78% of outstanding loans supporting production and business activities. Agriculture, forestry, and fisheries account for 6.23% of these loans, while industry and construction represent 23.97%, and trade and services constitute 69.8%.

Priority sectors, as directed by the government, receive a significant portion of the credit. Agriculture accounts for 22.76%, and small and medium enterprises (SMEs) represent 19.04%. Supporting industries and high-tech application enterprises have experienced high growth rates of 23.14% and 25.02%, respectively.

Rising Crypto Adoption

Vietnam has emerged as a prominent player in the global cryptocurrency landscape. Chainalysis' 2025 Global Crypto Adoption Index ranks Vietnam fourth, highlighting the country's strong embrace of digital assets. The Asia-Pacific (APAC) region, including Vietnam, is experiencing the fastest growth in crypto adoption, with a 69% year-over-year increase in crypto value received. Total crypto transaction volumes in APAC have surged from $1.4 trillion to over $2.3 trillion in 2025.

It is estimated that 18.6 million Vietnamese, slightly less than a fifth of the entire population, own cryptocurrency. A significant portion of Vietnamese crypto owners (approximately 70%) are between 18 and 34 years old. This indicates a substantial youth demographic actively engaging with crypto for various purposes, including gaming and financial services.

Government Regulations and Initiatives

The Vietnamese government has been taking steps to regulate and manage cryptocurrencies. In June 2025, cryptocurrencies were legalized as part of broader technology regulation, classifying them as either virtual assets representing real-world tokenized products or crypto assets like Bitcoin and Ether. However, the government has prohibited the issuance of on-chain fiat-backed assets, including stablecoins and securities, under the new crypto regulation and its ongoing 5-year sandbox pilot program.

The government issued Resolution 05/2025 on September 9, regarding the five-year pilot of crypto asset trading. This resolution establishes a formal licensing regime for cryptocurrency exchange services, with strict capital, ownership, and compliance requirements. The Ministry of Finance (MOF) is the lead authority, coordinating with the State Securities Commission (SSC), the State Bank of Vietnam (SBV), and the Ministry of Public Security (MPS).

To enhance data security and protect personal information, Vietnam launched a national blockchain database called NDAChain in July 2025. The government aims to create a secure environment for the digital economy to thrive through crypto regulation.

Impact and Future Outlook

The SBV's projected credit growth of 20% and the increasing crypto adoption in Vietnam could have a significant impact on the country's economy and its position in the global financial landscape. The robust credit expansion is expected to support the government's goal of achieving over 8% economic growth this year. The growth could also fuel the development of technology and green projects, aligning Vietnam with global sustainability trends.

Experts believe that Vietnam's strong credit growth and focus on emerging technologies could strengthen its position as a regional financial hub with significant growth potential. The country's legal and regulatory framework for digital assets is evolving, with the government taking a cautious yet progressive approach to regulating the cryptocurrency market.