Prime Minister Pham Minh Chinh has just signed Official Dispatch No. 19/CD-TTg dated February 24, 2025 to the Governor of the State Bank of Vietnam on strengthening the implementation of interest rate reduction solutions.
According to the dispatch, there are still some commercial banks that have recently adjusted their deposit interest rates up, which is a factor affecting the increase in lending interest rates.
To continue to enhance the effectiveness and efficiency of state management of the monetary sector and banking activities to further promote economic growth, ensuring the national GDP growth target of 8% or more in 2025, the Prime Minister requested:
The State Bank of Vietnam shall preside over and coordinate with relevant agencies to immediately conduct inspections and examinations of commercial banks that have adjusted their deposit interest rates in the past and the announcement and implementation of deposit and lending interest rates of credit institutions, ensuring compliance with legal regulations and instructions of the Government, Prime Minister, and the State Bank of Vietnam.
Timely handle violations and failure to comply with the instructions of the Government, the Prime Minister and the State Bank of Vietnam according to regulations.
In which, the Governor of the State Bank of Vietnam reviews and decides to use the management tools of the State Bank of Vietnam on credit growth limits and license revocation according to regulations, and reports the implementation results to the Prime Minister before February 28, 2025.
Regularly monitor and closely monitor the developments of deposit and lending interest rates of commercial banks, and more drastically and effectively implement solutions according to authority to reduce lending interest rates.
Create conditions for people and businesses to access loans at reasonable costs, recover and develop production and business, promote economic growth associated with macroeconomic stability, control inflation, ensure major balances of the economy, ensure the safety of banking operations and the system of credit institutions.
Strengthen the effectiveness of inspection, examination, control and close supervision of the activities of credit institutions, especially the announcement of deposit interest rates, lending interest rates, and credit granting activities of credit institutions.
Timely handle violations according to the law, especially credit institutions that compete in unhealthy interest rates, not in accordance with regulations (including deposit interest rates and lending interest rates).
The State Bank of Vietnam directs and requires credit institutions to strictly implement in accordance with the direction of the Government and the State Bank of Vietnam on continuing to reduce operating costs, increase the application of information technology, simplify administrative procedures, restructure, and reorganize the apparatus to operate more effectively.
Strengthen social responsibility, be willing to share a portion of profits to reduce lending interest rates to support people and businesses in accessing bank credit capital, promote production and business development, create livelihoods for people and positively impact banking activities.
Focus credit on production and business sectors, priority sectors and traditional economic growth drivers (consumption, investment, export) and new growth drivers (digital transformation, green transformation, circular economy, sharing economy, science, technology and innovation...); strictly control credit for areas with potential risks, ensure safe and effective credit operations.
Regularly report to the State Bank of Vietnam on the announcement and implementation of deposit interest rates and lending interest rates according to regulations.
