Several measures have been suggested at an online seminar held by the Government Portal on May 28 to help the corporate bond market maintain its stability and operate in line with the law to aid economic growth.
After the State Bank of Vietnam (SBV) reduced the benchmark interest rate by an additional 0.5 percent, effective from May 25, many commercial banks have started lowering their lending rates.
On May 11, the State Bank of Vietnam (SBV) and the People's Committee of Ho Chi Minh City jointly organized a conference to discuss monetary and credit solutions to support and promote the economy of the Southeast region.
During a seminar on "Opening Capital Flow into Production and Business" hosted by Tuoi Tre Newspaper on March 30, the Standing Deputy Governor of the State Bank of Vietnam (SBV), Dao Minh Tu, emphasized SBV's message to lower interest rates.
One week after the State Bank of Vietnam (SBV) reduced the benchmark interest rates, the deposit interest rates in the market continued the downward trend.
Commercial banks have agreed to lower deposit interest rates by about 0.5 percent starting from March 6, while State-owned banks will only reduce their rates by 0.2 percent because they are already at the lowest level in the market.
Many experts said that interest rates in Vietnam are currently too high, so it is necessary to reduce them to support people and enterprises to recover and develop production and business activities.
After SGGP newspaper published a series of articles titled "High interest rates weaken the economy", economists and the business community contributed their opinions on this issue.
Vietnam's lending interest rates are higher than many countries in the world, while last year, Vietnam was one of the countries with the lowest inflation level. This paradox needs to be explained to find solutions to ease the burden on businesses.
The State Bank of Vietnam’s (SBV) Ho Chi Minh City (HCMC) branch will continue to prioritize credit for production and business, especially in priority sectors, to boost economic recovery.
Many commercial banks said that in the past time, they have managed to provide capital with reduced lending interest rates for some businesses during the peak season in business at the end of the year.
While a few banks announced cutting lending interest rates to support enterprises to access good capital for production and business activities at the end of the year, in the savings market, deposit interest rates remain hot every day.
After Vietcombank, HDBank has recently announced to lower lending interest rates for enterprises doing business in many industries with a total interest rate reduction of up to VND120 billion.
The recent sharp increase in deposit interest rates has pulled lending interest rates up by 3-4 percent per annum over the same period last year. In the face of highly increasing pressure on the USD/VND exchange rate, deposit interest rates have not cooled down yet, so the pressure on lending interest rates in the peak months of the year is still huge.
Amid the context that central banks of many countries raised interest rates sharply, from September 23, the State Bank of Vietnam (SBV) decided to increase operating interest rates, which experts assessed as a timely action.
