Promote the application of information technology, reduce interest rates
The State Bank of Vietnam (SBV) has just issued Document No. 9364/NHNN-TD requesting credit institutions (CIs) and foreign bank branches to focus on implementing solutions to support businesses in overcoming difficulties and promoting production and business activities in 2024 and the following years.
The State Bank of Vietnam requires credit institutions to closely follow the direction and policies of the Government and the State Bank of Vietnam, continue to drastically implement solutions to reduce costs, review the fee collection situation currently applied at credit institutions to consider and reduce unnecessary fees, and publicize the fee levels provided in the business activities of credit institutions.
In addition, simplify lending procedures and increase the application of information technology in the lending process to reduce lending interest rates to support businesses and people in developing production and business, promoting economic growth.
Continue to implement solutions for safe and effective credit growth, promptly meeting the economy's credit capital needs (especially credit capital needs for production, business and consumption during the 2025 Lunar New Year); directing credit to production and business sectors, priority sectors, and growth drivers of the economy according to the Government's policy.
Continue to promote the implementation of credit programs and policies under the direction of the Government, Prime Minister, and State Bank of Vietnam such as: Loan program for social housing, worker housing, old apartment building renovation and reconstruction projects; VND 60,000 billion credit program for forestry and fishery; Loan program for linking production, processing and consumption of high-quality and low-emission rice products in the Mekong Delta...
Implement banking solutions to help people and businesses facing difficulties due to the impact of storm No. 3 to restore and promote production and business, economic growth; continue to effectively implement the program connecting banks and businesses...
Highest loan interest rate 9.1%
According to the latest statistics of the State Bank of Vietnam, the average VND deposit interest rate of domestic commercial banks is at 0.1-0.2%/year for demand deposits and deposits with terms of less than 1 month;
For term deposits from 1 month to less than 6 months, the rate fluctuates at 2.7-3.7%/year;
Term deposits from 6 months to 12 months range from 4.4-4.9%/year;
Term deposits from 12 months to 24 months range from 5.3-6.0%/year
Terms over 24 months have interest rates ranging from 6.9-7.4%/year.
The State Bank of Vietnam said that the average lending interest rate of domestic commercial banks for new and old loans with outstanding debt is at 6.7-9.1%/year.
The average short-term lending interest rate in VND for priority sectors is about 3.7%/year, lower than the maximum short-term lending interest rate prescribed by the State Bank of Vietnam (4%/year).
