State Bank directs to reduce lending interest rates

On August 5, the State Bank said it will closely monitor developments in deposit and lending interest rates, the announcement of lending interest rates, and the difference between lending and mobilization interest rates on the websites of credit institutions.

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Accordingly, the State Bank has just requested the banking system to implement solutions to stabilize interest rates, in order to promote economic growth in 2025, under the direction of the Prime Minister.

Banks are tasked with stabilizing and striving to reduce deposit interest rates, thereby contributing to stabilizing the monetary market and creating room for reducing lending interest rates. At the same time, credit institutions need to continue to reduce operating costs, increase technology application, digital transformation, and simplify lending procedures.

The State Bank also reminded banks to 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 on their websites, helping customers easily access and look up information.

The Deputy Governor requested that local State Bank branches strengthen interest rate monitoring, inspection and reporting on cases exceeding their authority.

"The banking system has enough resources, determination and confidence to fully implement its commitment to stabilize deposit interest rates and reduce lending interest rates, thereby making an important contribution to the country's economic growth target," Deputy Governor Pham Thanh Ha expressed his confidence.

Currently, deposit interest rates at commercial banks are generally stable, remaining below 6% per year. According to data from the State Bank, the average lending interest rate has just reached 6.23% per year, down 0.7 percentage points compared to the end of 2024.

As of July 28, system-wide credit increased by 9.64% compared to the end of 2024. The operator has also recently added credit growth targets for banks.

What do banks do to reduce lending rates?

Mr. Le Quang Vinh - General Director of Vietcombank said that this bank is committed to continuing to maintain reasonable mobilization interest rates, and at the same time proposed that the State Bank study to reduce the ceiling mobilization interest rate to help banks have better input capital prices, thereby supporting production and business enterprises. In addition, Mr. Vinh suggested that the State Bank consider increasing the ratio of State Treasury deposits in the short-term capital structure, helping banks have more credit resources for the economy.

Mr. Pham Toan Vuong - General Director of Agribank proposed that to continue to have conditions to reduce lending interest rates, there needs to be synchronous and consistent policy support. Recently, monetary and fiscal policies have been closely coordinated, typically accelerating the disbursement of public investment - an important factor to stimulate demand and support liquidity in the banking system.

Mr. Vuong expects the Government, the State Bank and ministries and branches to continue to consistently and flexibly direct fiscal and monetary policies, creating conditions to maintain stable deposit interest rates, thereby gradually reducing lending interest rates, contributing to promoting sustainable economic growth and recovery.

Source: https://phunuvietnam.vn/ngan-hang-nha-nuoc-chi-dao-giam-lai-suat-cho-vay-20250805171349422.htm