LAW

SBV requires credit institutions to reduce interest rates

The State Bank of Vietnam (SBV) on June 27 issued Document 4985/NHNN-CSTT, directing credit institutions, foreign bank branches, and SBV’s branches in provinces and centrally run cities to carry out reduction of interest rates.
SBV requires credit institutions to reduce interest rates

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The State Bank of Vietnam (SBV) on June 27 issued Document 4985/NHNN-CSTT, directing credit institutions, foreign bank branches, and SBV’s branches in provinces and centrally run cities to carry out reduction of interest rates.
175913 lai suat | FDI Việt Nam
A transaction office of VietinBank in Hanoi__Photo: VNA

The State Bank of Vietnam (SBV) on June 27 issued Document 4985/NHNN-CSTT, directing credit institutions, foreign bank branches, and SBV’s branches in provinces and centrally run cities to carry out reduction of interest rates.

Accordingly, in line with the Government’s and Prime Minister’s direction, and on the basis of market situation and interest rate movements, the central bank asked all credit institutions and foreign bank branches to strictly follow its regulations on deposit interest rates. They must publicly post deposit interest rates at the designated deposit-taking locations as prescribed by the SBV and continue take measures to reduce deposit interest rates, thus creating conditions to lower lending interest rates for clients.

Credit institutions will have to persist in cost-saving efforts to strive for further reductions in lending interest rates, which aims at supporting businesses in restoring production and trade, and propelling economic growth, as directed by the National Assembly and the Government in Resolution 43/2022/QH15 and Resolution 11/NQ/CP, respectively.

They are also assigned to raise public awareness about interest rate reduction on mass media so that customers are well informed and have access to the support policy.

SBV’s branches in provinces and centrally run cities are required to closely monitor interest rate movements in their localities, and propose appropriate solutions for implementation of the policy.- (VLLF)

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