The State Bank of Vietnam (SBV) has just issued Document 1328/SBV-CSTT requesting commercial banks and SBV branches in localities to stabilize deposit interest rates, while promoting the reduction of lending interest rates. This is a move to implement the direction of the Government and the Prime Minister on promoting economic growth in 2025 to 8% or more.
Reducing lending interest rates is becoming an urgent task. The SBV requires credit institutions to stabilize deposit interest rates to avoid putting pressure on lending interest rates.
Banks are also directed to reduce operating costs, optimize resources, apply technology to reduce interest rates, and focus credit on the fields of production and business, consumption, export, digital transformation, and green transformation.
The disclosure of interest rates is also a mandatory requirement, ensuring that customers can easily access information about lending interest rates and preferential credit packages.
Not only tightening with commercial banks, SBV branches in provinces and cities are assigned to closely monitor and prevent unfair interest rate competition. Banks must periodically report on the implementation of interest rate reduction, if they violate, they will be strictly handled according to regulations.
The SBV also requires stepping up communication work, helping businesses and people fully access information about interest rate reduction policies.
With these strong moves, the SBV expects the reduction in lending interest rates to be implemented substantially, creating momentum for businesses and the economy to recover and develop in 2025.
