On November 27, 2024, the State Bank of Vietnam issued Document No. 9774/NHNN-CSTT on stabilizing deposit interest rates and striving to reduce lending rates.
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Specifically, the State Bank requires credit institutions, foreign bank branches, and State Bank branches in provinces and cities to implement the following contents:
For credit institutions: Maintain a stable, reasonable deposit interest rate, suitable for 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 rates to support businesses and people to promote production and business, increase access to bank credit capital according to the direction of the Government and the Prime Minister;
Continue to proactively publish the average lending rate, the difference between deposit and lending rates, lending rates for credit programs, credit packages, and other lending rates (if any) on the credit institution’s website;
Proactively communicate through mass media, guide customers and beneficiaries about reducing lending rates, and publicize information about interest rates; at the same time, specifically inform customers about the policy of reducing lending rates so that customers can grasp and access the policies of credit institutions.
For SBV branches in provinces and cities: Direct credit institutions in the area to maintain stable deposit interest rates and implement measures to strive to reduce lending rates; proactively publicize information about lending rates, credit programs with preferential lending rates (if any) to customers to support businesses and people in production and business development;
Closely monitor interest rate developments in the area; direct and supervise credit institutions and branches of credit institutions in the area in implementing the guidelines and policies of the Government and the State Bank on reducing lending rates to support businesses and people;
At the same time, strengthen communication about the guidelines and directions of the Government, the Prime Minister, and the policies of the State Bank in the area so that credit institutions actively implement them, and people and businesses can grasp and access them clearly, fully, and transparently.
In the above document, the State Bank requested credit institutions, foreign bank branches, and State Bank branches in provinces and cities to seriously implement them.
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