Loans expanded by 12.97 percent in the first seven months of this year compared with the central bank's 25 percent credit target for 2010.
Deposits grew 16.3 percent over the same period while the nation's money supply rose 12.96 percent compared to the end of 2009.
The central bank released the figures in its monthly report, which was posted on its website Friday.
The State Bank of Vietnam said interest rates on dong deposits fell by 0.2-0.4 percentage points to 11-11.2 percent in July. Dong lending rates dropped by 0.5 to 1.5 percentage points, ranging from 12 percent to 15 percent a year.
Vietnam's government has requested that commercial banks cut their dong lending rates to 12 percent and deposit rates to 10 percent to help economic growth reach the targeted 6.5 percent this year.
On the unofficial market, the dong fell 0.6 percent against the dollar in July and traded at 19,180-19,200, said the central bank's report.