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What did State Bank of Vietnam Deputy Governor Pham Thanh Ha say at the October 7, 2026, press conference in Hanoi about inflation remaining under control despite September’s multi-year-high annual rate of 5.08%, up from 4.89% in August, the 0.62% monthly rise driven mainly by fu
Pham Thanh Ha said at the October 7 Hanoi briefing that September’s inflation rise made monetary policy harder to manage, but that prices remained under control. He acknowledged strong pressure to contain inflation in the remaining months while keeping credit available to support growth.[7][8] - I Pham Thanh Ha said...
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- Pham Thanh Ha said at the October 7 Hanoi briefing that September’s inflation rise made monetary policy harder to manage, but that prices remained under control. He acknowledged strong pressure to contain inflation in the remaining months while keeping credit available to support growth.[7][8] - **I
- Pham Thanh Ha said at the October 7 Hanoi briefing that September’s inflation rise made monetary policy harder to manage, but that prices remained under control. He acknowledged strong pressure to contain inflation in the remaining months while keeping credit available to support
- **Inflation:** Annual inflation reached 5.08% in September, up from 4.89% in August. The nine-month average of 4.52% was just above the government’s roughly 4.5% target; September’s monthly increase was 0.62%.[8][14][15]
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Pham Thanh Ha said at the October 7 Hanoi briefing that September’s inflation rise made monetary policy harder to manage, but that prices remained under control. He acknowledged strong pressure to contain inflation in the remaining months while keeping credit available to support growth.7
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- Inflation: Annual inflation reached 5.08% in September, up from 4.89% in August. The nine-month average of 4.52% was just above the government’s roughly 4.5% target; September’s monthly increase was 0.62%.
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- Pressure on rates: Iran-war-related oil costs are adding to inflation and banks’ funding costs, while the push for at least 10% GDP growth raises demand for credit. Together, those forces make it harder to hold deposit and lending rates down.
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- Year-end approach: The central bank’s stated course is to manage monetary policy and credit flexibly rather than choke off lending: direct support toward key growth sectors and projects, while exercising tighter control over riskier loans as it responds to inflation and energy-price risks.
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7 Credit had already grown 11.59% from the end of 2025 by September 30.
The available evidence does not establish a specific year-end rate change, credit cap, or guarantee that inflation will meet the target. Ha’s position is a balancing commitment—not a claim that the inflation risk has passed.3
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Pham Thanh Ha said at the October 7 Hanoi briefing that September’s inflation rise made monetary policy harder to manage, but that prices remained under control. He acknowledged strong pressure to contain inflation in the remaining months while keeping credit available to support growth.[7][8] - **I
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Pham Thanh Ha said at the October 7 Hanoi briefing that September’s inflation rise made monetary policy harder to manage, but that prices remained under control. He acknowledged strong pressure to contain inflation in the remaining months while keeping credit available to support growth.[7][8] - **I Pham Thanh Ha said at the October 7 Hanoi briefing that September’s inflation rise made monetary policy harder to manage, but that prices remained under control. He acknowledged strong pressure to contain inflation in the remaining months while keeping credit available to support
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**Inflation:** Annual inflation reached 5.08% in September, up from 4.89% in August. The nine-month average of 4.52% was just above the government’s roughly 4.5% target; September’s monthly increase was 0.62%.[8][14][15]
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