On August 4, the State Bank of Vietnam (SBV) issued Official Letter No. 6781/NHNN-CSTT directing and thoroughly implementing the banking system to drastically and effectively implement solutions to stabilize deposit interest rates and reduce lending interest rates to promote economic growth in 2025 under the direction of the Government and the Prime Minister.
Accordingly, the SBV requires credit institutions (CIs) to specifically implement the following tasks and solutions:
seriously direct the Governor of the State Bank in Directive No. 01/CT-NHNN dated January 20, 2025 on organizing the implementation of key tasks of the banking sector in 2025 to contribute to stabilizing the macro economy, controlling inflation, and achieving the growth target of 8% or more in 2025.
Deploy solutions to stabilize and strive to reduce deposit interest rates to contribute to stabilizing the currency market, creating room to reduce lending interest rates in accordance with the direction of the Government, the Prime Minister and the State Bank.
Credit institutions continue to more drastically and effectively implement the direction of the Government, the Prime Minister and the State Bank in reducing operating costs, increasing the application of information technology, digital transformation, simplifying procedures and other measures to reduce lending interest rates, supporting people and businesses to access bank credit capital, promoting production and business development. Every month, continue to announce the average lending interest rate, the average difference between deposit and lending interest rates, lending interest rates for credit programs, credit packages and other lending interest rates (if any) on the TCTD's electronic information page to make it easier for customers, people and businesses to access and look up information.
Credit growth is ensured safely and effectively, focusing on prioritizing the allocation of credit capital to production and business sectors, priority sectors and economic growth drivers; strictly controlling credit in areas with potential risks.
Strengthen communication, instruct customers on lending interest rate reduction policies, announce timely and complete information so that customers can grasp and access credit institutions' policies.
For the regional State Bank of Vietnam (SBV), the SBV directs:
CIs in the area have stabilized deposit interest rates, drastically implemented measures to strive to reduce lending interest rates; continue to strictly implement the announcement of information on lending interest rates, preferential credit programs (if any) to make it easier for customers to access and look up information.
Strengthen close monitoring of deposit interest rates and lending interest rates in the area; direct inspection, examination and supervision of credit institutions and credit institution branches in the area in implementing policies and guidelines of the Government, the Prime Minister and the State Bank on stabilizing deposit interest rates and reducing lending interest rates; proactively handling according to authority and reporting to the Governor of the State Bank on issues beyond their authority.
Proactively deploy communication about the policies and instructions of the Government, the Prime Minister, and the State Bank in the area so that credit institutions can actively implement solutions to reduce lending interest rates so that people and businesses can easily grasp and access these solutions.
The State Bank will closely monitor the developments of deposit and lending interest rates, the announcement of lending interest rates on the TCTD's website; strengthen inspection, examination, and supervision of TCTD's implementation of the policies and instructions of the Government, the Prime Minister, and the State Bank on deposit and lending interest rates.
