HCMC – The State Bank of Vietnam (SBV) has urged commercial banks to stabilize deposit interest rates and work towards reducing lending rates to ensure liquidity, foster sustainable credit growth, and support the country’s economic development.
The SBV emphasized the importance of streamlining loan procedures and leveraging technology to cut costs. These measures are intended to make more preferential loans available for businesses and individuals, thereby boosting economic activity.
Commercial banks have also been instructed to fully and transparently disclose loan interest rate information on their official websites and the media.
SBV branches and credit institutions have been directed to coordinate efforts to stabilize deposit rates, reduce lending rates, and proactively share information about interest rates and preferential credit programs.
Earlier this month, some banks began raising deposit interest rates.
In response, the central bank issued Circular 48 prohibiting banks from offering promotional activities that violate regulations, ensuring that interest rates do not exceed the prescribed ceiling.
