State Bank of Vietnam requires banks to reduce lending rates

The State Bank of Vietnam (SBV) has just issued Official Dispatch No. 6781/NHNN-CSTT directing and thoroughly implementing solutions for the banking system to drastically and effectively stabilize deposit interest rates and reduce lending interest rates to promote economic growth in 2025 under the direction of the Government and Prime Minister.

Synchronously deploy solutions to stabilize and reduce interest rates

Accordingly, the SBV specifically requested credit institutions (CIs) to strictly implement the direction of the SBV Governor 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.

"Implementing solutions to stabilize and strive to reduce deposit interest rates contributes to stabilizing the monetary market, creating room to reduce lending interest rates in accordance with the direction of the Government, the Prime Minister and the State Bank," the State Bank emphasized.

In addition, the State Bank requires credit institutions to continue to implement more drastically and effectively the direction of the Government , the Prime Minister and the State Bank in reducing operating costs, enhancing the application of information technology, digital transformation, simplifying procedures and other measures to reduce lending interest rates, support people and businesses in accessing bank credit capital, and promote production and business development.

"Every month, continue to publish average lending interest rates, the difference between average deposit and lending interest rates, lending interest rates for credit programs, credit packages and other types of lending interest rates (if any) on the electronic information page of credit institutions so that customers, people and businesses can conveniently access and look up information," the State Bank noted.

In addition, the State Bank requires credit growth to ensure safety and efficiency, focusing on prioritizing the allocation of credit capital to production and business sectors, priority sectors and economic growth drivers; and strictly controlling credit to potentially risky sectors.

Strengthen communication and guide customers on loan interest rate reduction policies, promptly and fully disclose information so that customers can grasp and access the policies of credit institutions.

Strictly implement the disclosure of information on loan interest rates

For the regional State Bank, the SBV directs local credit institutions to stabilize deposit interest rates, drastically implement measures to strive to reduce lending interest rates; continue to strictly publicize information on lending interest rates and preferential interest rate credit programs (if any) to facilitate customers in accessing and looking up information.

Strengthen close monitoring of developments in 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 the policies of the Government, the Prime Minister and the State Bank of Vietnam on stabilizing deposit interest rates and reducing lending interest rates; proactively handle within authority and report to the Governor of the State Bank of Vietnam on issues beyond authority.

"Proactively deploy communication on policies and directions of the Government, Prime Minister, and 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 requested.

The State Bank said it will closely monitor developments in deposit and loan interest rates, and the announcement of loan interest rates on the websites of credit institutions; and strengthen inspection, examination, and supervision of credit institutions' implementation of the policies and directions of the Government, the Prime Minister, and the State Bank of Vietnam on deposit and loan interest rates.

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Source: https://baolaocai.vn/nhnn-yeu-cau-ngan-hang-giam-lai-suat-cho-vay-post878849.html