Business

Major commercial banks agree to further reduce interest rates

Four State-owned commercial joint stock banks in Vietnam have reached a high consensus on the State Bank of Vietnam (SBV)'s policy on reducing interest rates in the coming time.
Major commercial banks agree to further reduce interest rates ảnh 1Illustrative image (Photo: VNA)
Hanoi (VNA) - Four State-owned commercial joint stock banks inVietnam have reached a high consensus on the State Bank of Vietnam (SBV)'spolicy on reducing interest rates in the coming time.

The information was released by Pham Chi Quang, Director ofthe SBV’s Monetary Policy Department, at a conference on credit work and theimplementation of Circular 02/2023 to discuss solutions to support creditgrowth this year, held in Hanoi on April 25.

Quang said that in recent times, the Government and the centralbank have continuously issued policies to assist businesses and people andremove difficulties in the real estate and corporate bonds markets such asincreasing money supply, reducing interest rates, purchasing valuable papers,and continuously reducing interest rates on the open market from 6% to 5% atpresent.

In addition, the SBV has also bought a large amount offoreign currencies to increase foreign exchange reserves. Since the beginningof this year, it has reduced regulatory interest rates twice, while the interestrates for new loans have decreased by 0.6% compared to the end of 2022 and willbe on a downward trend in the coming time.

The SBV’s permanent Deputy Governor Dao Minh Tu pointed to abnormally high lending interest rates in some banks such as KienlongBank,VPBank, and VietABank. He demanded those banks to explain the reason behind the high rates to the SBV within next week.

He also requested inspection and supervision agencies to closelymonitor the interest rate situation of these banks./.

VNA
#Major commercial banks #interest rates #State Bank of Vietnam #Vietnam #Vietnamplus #Vietnam News Agency
Follow VietnamPlus

Related News

Credit growth projected to reach 14-15% in 2023

Credit growth projected to reach 14-15% in 2023

The State Bank of Vietnam has expected credit growth to hit 14-15% this year, leaving a possibility that it might adjust the orientation to suit the actual business situation and developments.

See more

ASEAN, China promote cross-border payments

ASEAN, China promote cross-border payments

In the first quarter of 2025, the value of RMB transactions between China and Malaysia reached 102 billion RMB (4 billion USD), up 27% year-on-year, while transactions with Cambodia reached 5 billion RMB (686 million USD), an increase of 45% compared to the same period in 2024.

Vietnamese Ambassador to China Pham Thanh Binh (left) and Chairman of the China Council for the Promotion of International Trade Ren Hongbin. (Photo: VNA)

Vietnam, China eye deepening trade promotion cooperation

The Vietnamese Embassy is ready to act as a bridge in facilitating cooperation between the China Council for the Promotion of International Trade (CCPIT) and Vietnamese partners, as well as in connecting enterprises from both countries, said Ambassador Pham Thanh Binh.

PM Pham Minh Chinh speaks at the meeting. (Photo: VNA)

PM calls for bold, accelerated action in railway development

Prime Minister Pham Minh Chinh has urged ministries, agencies, and localities to act with “greater speed and boldness” to carry out Vietnam’s railway projects at the second meeting of the Steering Committee for key national railway projects in Hanoi on April 26.

Vietnamese Ambassador to Cambodia Nguyen Minh Vu meets with leaders and staff of three rubber companies in Kampong Thom province, Cambodia. (Photo: VNA)

Vietnam, Cambodia deepen investment links in Kampong Thom

Vietnamese Ambassador to Cambodia Nguyen Minh Vu on April 25 paid a working visit to several subsidiaries of the Vietnam Rubber Group (VRG) in Kampong Thom province, and held discussions with provincial leaders to enhance coordination and create more favourable conditions for Vietnamese firms, thereby promoting stronger bilateral investment ties.

Can Tho leaders and Bestway Group executives perform the symbolic launch ceremony for the new project. (Photo: VNA)

Bestway International launches 300 million USD plant in Can Tho city

Once operational, the plant is projected to create over 5,000 direct jobs and generate approximately 500 million USD in annual revenue, primarily through exports. The project is expected to significantly enhance regional employment and economic growth, contributing to Can Tho’s development and the broader Mekong Delta region.

Tra fish processed for export in Dong Thap province (Photo: VNA)

World Bank forecasts Vietnam's GDP growth at 5.8% in 2025

As a trade-oriented economy, with imports and exports representing almost 170% of the GDP, Vietnam is particularly exposed to ongoing shifts in global trade policies. The US remains the largest export destination of Vietnam, accounting for 30% of its total exports, while China makes up 38% of its imports.

Vietnamese Minister of Industry and Trade (MOIT) Nguyen Hong Dien (Photo: VNA)

US calls tariff talks with Vietnam productive

US Trade Representative Jamieson L. Greer and Vietnamese Minister of Industry and Trade (MOIT) Nguyen Hong Dien agreed on the importance of making swift progress towards reciprocal and balanced trade between the US and Vietnam.

The working delegation from the Party Central Committee's Commission for Information, Education and Mass Mobilisation inspects the resettlement area for residents affected by the Ninh Thuan 1 Nuclear Power Plant project. (Photo: VNA)

Ninh Thuan asked to gain public support for nuclear power plant project

Pham Van Hau, Permanent Deputy Secretary of the provincial Party Committee and Chairman of the provincial People’s Council, stated that recognising the importance of the project, the province has developed specific plans and a roadmap for its implementation. This includes focusing on effective communication efforts to gain high consensus among officials, Party members, and people.