Phạm Đức Ấn appointed Governor of Vietnam State Bank, begins policy

Phạm Đức Ấn was officially confirmed by the National Assembly to serve as Governor of the State Bank of Vietnam for the 2026‑2031 term, and he promptly chaired his first meeting with leaders of 46 commercial banks to discuss interest‑rate policy【2】. The meeting, held on 9 April 2026 at the State Bank’s headquarters, focused on coordinating deposit and loan rates amid rising market pressures【1】.

Key takeaways

• Phạm Đức Ấn’s appointment was approved by the 16th National Assembly on 8 April 2026【2】.
• He convened a meeting with 46 commercial banks on 9 April 2026 to align deposit and loan rates【1】.
• The State Bank will keep its policy rates unchanged while monitoring market trends, as outlined by Deputy Governor Phạm Chí Quang【1】.
• The new governor brings over 30 years of banking experience, including senior roles at the Vietnam‑Russia joint venture bank and the Agricultural Development Bank【3】.
• Credit growth in the system rose about 2.65 % to VND 19.08 trillion by the end of March 2026【1】.

First policy meeting under the new governor

On the afternoon of 9 April 2026, Governor Phạm Đức Ấn met with the chairpersons, CEOs and credit‑division heads of 46 commercial banks. The agenda centered on the “high‑interest‑rate environment” that has persisted in the first quarter of the year. Deputy Governor Phạm Chí Quang explained that the State Bank continues to operate a flexible open‑market policy, buying short‑term securities in appropriate volumes to support liquidity and stabilize the money market【1】. He also noted that external shocks—particularly geopolitical tensions in the Middle East that have driven oil prices up—are adding inflationary pressure, prompting both deposit and loan rates to trend upward【1】.

Bank representatives expressed strong consensus to follow the government’s directive to lower market interest rates where possible, committing to reduce both deposit and lending rates after the meeting【1】. Governor Phạm Đức Ấn emphasized that the State Bank will closely monitor the evolution of these rates and require banks to publish loan rates on their electronic information pages, reinforcing transparency and compliance【1】.

Background of Vietnam’s new central bank chief

Phạm Đức Ấn, 56, hails from Nghệ An province and holds a master’s degree in business administration, as well as bachelor’s degrees in economic law and finance‑banking【3】. His career spans more than three decades in the banking sector, beginning as a junior officer at the Vietnam Investment and Development Bank and progressing to senior leadership positions such as Director of the Legal Department, General Director of the Vietnam‑Russia Joint Venture Bank, and Chairman of the Board of the Agricultural and Rural Development Bank【3】. Prior to his central‑bank appointment, he served in political roles including Party Secretary and Chairman of the People’s Committee in Quảng Ninh province, and later as Party Secretary and Chairman of the People’s Committee in Da Nang city【4】.