Sharing the fire of questioning, the Governor warned that capital mobilization must calculate debt repayment capacity.

The Governor said that Vietnam's current credit balance/GDP has reached 134%, and if it continues to increase, it will pose risks to the economy. Regarding the large capital demand to implement key projects in the coming time, the Governor also requested ministries, branches and localities to carefully calculate where to borrow from and their ability to repay the debt.

Governor of the State Bank of Vietnam Nguyen Thi Hong

Sharing the fire with Minister of Finance Nguyen Van Thang in the question and answer session this morning (June 19), Governor of the State Bank of Vietnam (SBV) Nguyen Thi Hong said that it is necessary to diversify capital sources for the economy, instead of relying only on bank capital. However, the Governor also warned that when mobilizing capital for large projects, it is necessary to calculate the ability to borrow and repay debt.

According to the Governor, the growth of Vietnam's economy is currently heavily dependent on capital but efficiency is not high, as shown by the ICOR index which is still high compared to the region, showing that capital efficiency needs to be further improved.

Although Vietnam has attracted a large amount of foreign investment capital, especially FDI capital, it has not yet taken advantage of many capital advantages, especially in technology transfer and management capacity, and has not yet connected with the domestic sector. The Governor said that in the coming time, there needs to be a "renewal" in the FDI attraction strategy towards promoting technology transfer, management and more connection with the domestic economy.

Agreeing with the opinion of the Minister of Finance that high economic growth needs to rely on both domestic and foreign capital, the Governor said that foreign capital is very diverse such as: FDI capital, FII capital, foreign loans... With the current public debt and foreign debt targets, Vietnam's foreign debt borrowing space is still very open.

However, from experience in macro management, the Governor noted the borrowing and use of capital.

Specifically, according to the Governor, domestic capital is currently heavily dependent on the banking system, including short-term capital, medium-term capital and long-term capital. Outstanding credit/GDP at the end of 2024 has reached 134%, if it continues to increase, it will pose risks to the banking system and cause consequences for the economy, making it difficult to achieve the goal of both high and sustainable economic growth.

"This is an issue that ministries and sectors need to pay close attention to in the coming time when balancing capital for high economic growth targets," the Governor suggested.

The SBV leaders also said that the demand for domestic investment capital in the coming time is very large. From now until 2030, with a vision to 2045 and especially 2030, it is expected that many projects with large investment capital will be implemented, such as building an additional 2,000 km of highway (currently implementing the North-South expressway project with a large total investment capital), investing in the construction of many airports, ports, and the VIII power plan...

The Governor recommends that, from now on, ministries and functional agencies need to calculate where to mobilize capital, how to borrow and repay debt, how to divide capital, how to reserve capital sources... to ensure that they do not create great pressure for macro risks.

The State Bank of Vietnam said that, as the lifeblood of the economy, in recent years, the banking system's credit has increased by an average of 14-15% per year, a high level compared to the region. In 2025, to serve the high growth target of 8% or more, the State Bank of Vietnam has set a growth target of 16% and may adjust it if inflation is under control.

"In the context of a highly open economy, monetary policy management has made great efforts in the past. In the coming time, the State Bank will continue to closely follow developments to implement management tools, at the right time and in the right doses to control inflation, stabilize the macroeconomy, stabilize the foreign exchange market and ensure the safety of the banking system. This is a fundamental point because if the macroeconomy, currency and foreign exchange fluctuate as before, it will be very difficult for businesses to develop," the Governor pledged.

Source: https://baodautu.vn/chia-lua-chat-van-thong-doc-canh-bao-huy-dong-von-phai-tinh-toan-kha-nang-tra-no-d307986.html