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[BUSINESS] · Vietnam · 14 sources

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State Bank of Vietnam directs banks to reduce lending interest rates

The State Bank of Vietnam (SBV) has issued Document No. 9608/NHNN-CSTT, directing credit institutions to implement measures to reduce interest rates and support economic growth. Following instructions from Deputy Prime Minister Nguyen Van Thang, the SBV has requested that lending rates for production, business, and priority sectors be reduced by 1.5% to 2%.

To achieve this, the SBV instructed financial institutions to reduce costs and share profits. Specifically, listed deposit interest rates for terms of six months or longer must be adjusted downward by at least 0.5%. The central bank also prohibited unhealthy competition in raising deposit rates to ensure financial stability.

In response to these directives, several major banks have begun acting. Agribank announced it will reduce lending rates by up to 2% per year starting October 19, 2026, focusing on priority sectors and businesses. Agribank plans to allocate approximately 2,000 billion VND to help share capital costs for customers. Other major banks, including BIDV and Vietcombank, have also previously announced similar rate reductions.

Entities

Agribank · BIDV · Le Minh Hung · Ministry of Finance · Nguyen Van Thang · Ngân hàng Nhà nước Việt Nam · Pham Duc An · Phạm Đức Ấn · State Bank of Vietnam · To Lam · Vietcombank · Vietnam

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Sources

Thị trường tiền tệ [thoibaonganhang.vn]