Businesses participating in the market stabilization program are entiled for low interest rate (Photo: SGGP)
This interest rate is lower than that in the market stabilization program in 2021-2022 when short-term interest rates ranged from 4.5 percent -8 percent a year, medium and long-term interest rates were from 6.5 percent -11.3 percent annually.
In the context of the current increasing trend of deposit interest rates, banks have to drastically reduce operating costs and reduce profits in order to reduce lending rates as planned.
The State Bank of Vietnam branch in Ho Chi Minh City also said that the program in 2021-2022 achieved a total revenue of VND17,381 billion (US$758 million) including revenue of food and foodstuff sector reaching VND16,298 billion.
This program has contributed to curbing the consumer price index (CPI) in the city in March 2022, increasing 1.71 percent compared to December 2021 and 2.03 percent over the same period, lower than the national average with an increase of 1.91 percent compared to the end of last year and of 2.41 percent over the same period.
