State Bank requires stabilizing deposit interest rates, reducing lending interest rates

On November 27, the State Bank of Vietnam issued Official Dispatch No. 9774/NHNN-CSTT on stabilizing deposit interest rates and striving to reduce lending interest rates.

Accordingly, the State Bank requires credit institutions to maintain stable and reasonable deposit interest rates, consistent with capital balance capacity, healthy credit expansion capacity and risk management capacity, contributing to stabilizing the monetary market and market interest rates.

The State Bank also requires credit institutions to continue to resolutely and effectively implement solutions, simplify lending procedures, increase the application of information technology and digital transformation in lending processes... to strive to reduce lending interest 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.

In addition, the State Bank also requires credit institutions to continue to proactively announce average lending interest rates, the difference between average deposit and lending interest rates, lending interest rates for credit programs, credit packages and other types of lending interest rates (if any) on the credit institution's website; actively communicate on mass media, guide customers and beneficiaries about reducing lending interest rates, announce information on interest rates and at the same time, provide specific information to customers about the lending interest rate reduction policy so that customers can grasp and access the credit institution's policy.

The State Bank also requested the State Bank branches in provinces and cities to resolutely direct credit institutions in the area to maintain stable deposit interest rates and implement measures to strive to reduce the lending interest rate level; proactively announce information on lending interest rates and credit programs with preferential lending interest rates (if any) to customers to support businesses and people to develop production and business.

In addition, closely monitor interest rate developments in the area; direct and supervise credit institutions and credit institution branches in the area in implementing the policies of the Government and the State Bank on reducing lending interest rates to support businesses and people.

Strengthen communication work on policies and directions of the Government, the Prime Minister, and policies of the State Bank in the area so that credit institutions can actively implement them and so that people and businesses can grasp and access them clearly, fully, and transparently.