Vietnamese banks reduce interest rates to support businesses

Following a meeting between Prime Minister Le Minh Hung, the State Bank of Vietnam, and various credit institutions, several major Vietnamese banks have announced significant interest rate reductions and preferential credit packages to support businesses and stimulate economic growth.

Sacombank has proactively reduced its lending interest rates by 2% for import-export customers, effective from August 13, 2026, through the end of the year. To facilitate this, the bank is narrowing its profit margin from approximately 2.79% to 0.79%. Additionally, Sacombank is deploying between 10,000 and 15,000 billion VND in preferential credit aimed at priority sectors, household businesses, and foreign-invested enterprises (FDI), with expected rates between 8.5% and 9% per annum.

Vietcombank is also participating in the relief efforts, allocating 50,000 billion VND to reduce interest rates for businesses by a minimum of 1%. These moves reflect a broader trend among commercial banks in Vietnam to lower both deposit and lending rates to provide financial support to the economy.