Interest rate cuts by the State Bank of Vietnam (SBV) and cost savings among credit institutions will pave the way for sustainable lending rate reductions, thus easing difficulties faced by businesses.
Vietnam’s credit growth is forecast to slow to only 8 percent in 2020 from 13.7 percent last year due to a sharp slowdown in economic activity amid the COVID-19 pandemic.
The State Bank of Vietnam (SBV) will hold its benchmark refinancing and discount rates at 6.25 percent and 4.25 percent, respectively, in addition to maintaining its 14 percent credit growth target for the remainder of 2019, experts forecast.
Business
