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.
The State Bank of Vietnam (SBV) announced on February 23 that it had issued Official Letter No. 953/NHNN-TD, which outlines the continuation of the bank-business connection program.
Prime Minister Pham Minh Chinh expressed his hope that the baking sector will be more proactive, creative and responsive to policies in 2023 at a meeting on January 27 or the sixth day of the Lunar New Year.
The State Bank of Vietnam (SBV), on December 15, announced the US dollar buying price at VND23,450 per dollar after not listing the buying price for about three months. It shows that the SBV has started to buy foreign currencies for intervention and inject the Vietnamese dong into the market because foreign currency liquidity has become less tense.
The State Bank of Vietnam (SBV), on December 13, in Can Tho City, coordinated with the People's Committee of Can Tho City to organize a conference on "Credit solutions to promote the purchase, consumption, and export of key agricultural products in the Mekong Delta".
The US dollar selling prices at commercial banks in the morning fell below VND24,000 per dollar although the reference exchange rate of the State Bank of Vietnam increased for a second consecutive session.
According to the latest updated data from the State Bank of Vietnam about customers' deposits in the credit institution system, after decreasing for two consecutive months, deposits have increased again, gaining more than VND106 trillion in September.
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.
Although the State Bank of Vietnam (SBV) has increased the operating interest rates by 0.5-1 percent from October 25 to reduce the pressure on the USD/VND exchange rate, which has increased sharply over the past time, the US dollar price in commercial banks is listed at the ceiling price of VND24,888 per dollar, within the range of +/-5 percent according to the regulations of the State Bank.
The State Bank of Vietnam (SBV) - Ho Chi Minh City Branch said that, according to a quick report of Saigon Commercial Joint Stock Bank (SCB), customers had returned to depositing nearly VND6 trillion (US$251 million) on October 12, a sharp increase compared to the previous day.
After the recent increase in credit limit, the State Bank of Vietnam (SBV) has granted 13.6 percent of the total 14 percent credit room in 2022. The SBV continues to prioritize inflation control and macroeconomic stability, maintaining low lending interest rates to support businesses and economic recovery.
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.
The maximum interest rate applied for demand deposits with terms of less than one month is 0.5 percent per annum, and the maximum interest rate for deposits with a term from one month to less than six months is 5 percent per annum.
Following people’s complaints that they were encouraged to buy life insurance but in fact, they were forced to buy the insurance by bank staff when asking for loans at many commercial banks, the State Bank of Vietnam (SBV) announced to strengthen supervision of this matter.
