The State Bank of Vietnam (SBV) said on Friday it had proactively implemented monetary measures aimed at controlling inflation, stabilizing the macroeconomy and supporting economic growth.
The central bank said it had maintained its policy interest rates at current levels to allow credit institutions access to low-cost funding from the SBV, helping support the economy.
As part of those efforts, the SBV issued Directive No. 2342/NHNN-CSTT on March 30, instructing banks to stabilize market interest rates and contribute to stability in the money market.
On April 9, the SBV held a meeting with commercial banks to align implementation of government and central bank policies aimed at lowering market interest rates to support businesses and households. Banks were asked to cut deposit rates for new deposits with maturities of six months or longer, as well as reduce listed deposit and lending rates to improve access to credit.
Following the meeting, many commercial banks moved to lower rates, and market interest rates continued to trend downward throughout April 2026, the SBV said.
However, the central bank noted that in recent days some lenders had raised interest rates despite official guidance, prompting criticism in local media reports.
In response, the SBV on May 14 issued Directive No. 3972/NHNN-CSTT, ordering its regional branches to inspect commercial bank branches for compliance with the central bank governor’s instructions on lowering interest rates.
The central bank followed up on May 21 with another directive requiring regional SBV offices to convene meetings with commercial bank branches and reiterate the need to comply strictly with guidance issued on April 10 regarding interest-rate reductions.
Regional SBV offices were also instructed to intensify inspections and strictly handle any violations, if found.
The SBV said regional offices had begun reviewing and surveying bank branches offering deposit and lending rates higher than peers in the same area in preparation for targeted inspections.
The central bank said it would continue closely monitoring deposit and lending rate movements across the banking system, as well as banks’ disclosure of lending rates on their websites, to ensure compliance with its policy to lower borrowing costs.
