On November 27, 2024, the SBV issued Document No. 9774/NHNN-CSTT on stabilizing deposit interest rates and reducing lending rates to implement the Government and Prime Minister’s directions on reducing lending rates and continue to perform the tasks in Directive 01/CT-NHNN dated January 15, 2024, on organizing the implementation of key tasks of the banking industry in 2024.
Accordingly, the SBV requested credit institutions, foreign bank branches (CIs), and SBV provincial/municipal branches to perform a number of contents related to stabilizing deposit interest rates and striving to reduce lending rates.
Specifically, CIs are required to maintain a stable, reasonable deposit interest rate level, suitable for their capital balance, healthy credit expansion, and risk management capacity, contributing to stabilizing the monetary market and market interest rates.
Continue to drastically and effectively implement solutions, simplify loan procedures, promote the application of information technology and digital transformation in the loan process, … to strive to reduce lending interest rates to support businesses and people to promote production and business, increase access to bank credit capital as directed by the Government and the Prime Minister.
CIs continue to proactively publish average lending rates, the difference between deposit and lending rates, lending rates for credit programs, credit packages, and other types of lending rates (if any) on the CIs’ electronic information pages.
The SBV also requested CIs to actively and proactively communicate through mass media, guide customers and beneficiaries about reducing lending rates, and publicize information about interest rates; at the same time, provide specific information to customers about the policy of reducing lending rates so that customers can grasp and access the policies of CIs.
For SBV provincial/municipal branches, the SBV requested these units to direct drastically credit institutions in the area to maintain stable deposit interest rates and implement measures to strive to reduce lending interest rates.
SBV provincial/municipal branches proactively publicize information about lending rates, credit programs with preferential lending interest rates to customers to support businesses and people in developing production and business.
At the same time, closely monitor interest rate developments in the area; direct the supervision of CIs and foreign bank branches in the area in implementing the policies of the Government and the SBV on reducing lending rates to support businesses and people.
In addition, SBV provincial/municipal branches need to strengthen communication about the direction of the Government, the Prime Minister, and the policies of the SBV in the area so that CIs actively implement them, and people and businesses can grasp and access them clearly, fully, and transparently.
In Document No. 9774/NHNN-CSTT, the SBV requested credit institutions, foreign bank branches, and SBV provincial/municipal branches to seriously implement them.
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