Maintain stable interest rates, reduce credit costs for the economy

(Chinhphu.vn) – The State Bank of Vietnam and banks have discussed many solutions to stabilize deposit interest rates and reduce lending interest rates. This is one of the important efforts to realize the economic growth target of over 8% set by the Government.

Conference on implementing solutions to stabilize deposit interest rates and reduce lending interest rates - Photo: VGP/HT

On the afternoon of August 4th, in Hanoi , the State Bank of Vietnam (SBV) held a conference to implement solutions to stabilize deposit interest rates and reduce lending interest rates.

Deputy Governor of the State Bank of Vietnam, Pham Thanh Ha, chaired the conference, with the participation of commercial banks, associations, and representatives from relevant departments and bureaus.

Synchronizing policies to ensure growth targets are met.

Deputy Governor Pham Thanh Ha stated that stabilizing interest rates and reducing lending rates were implemented in accordance with the directives of the Government and the Prime Minister, aiming to support the economic growth target of 8% or higher in 2025. Therefore, the State Bank of Vietnam has proactively managed monetary policy flexibly, coordinating closely with fiscal policy and other macroeconomic policies.

According to Deputy Governor Pham Thanh Ha, the monetary and foreign exchange markets are stable, and credit has grown strongly since the beginning of the year. As of July 29, 2025, credit throughout the system increased by 9.8% compared to the end of 2024 and by 19.75% compared to the same period last year.

This is a notable increase in recent years. Deposit interest rates remain stable, while lending interest rates continue their downward trend. In addition, credit institutions have published lending interest rates on their websites for customers to easily refer to.

The Deputy Governor emphasized that the Prime Minister has repeatedly requested the State Bank of Vietnam to closely monitor interest rate developments in order to implement appropriate management solutions. Based on this, this conference aims to further emphasize and require credit institutions to seriously implement directives on stabilizing input costs and reducing output interest rates, contributing to economic recovery and development.

Commitment from major banks

Speaking at the conference, Mr. Le Quang Vinh, General Director of Vietcombank, said that the bank has fully complied with the State Bank of Vietnam's directives on maintaining stable deposit interest rates and implementing preferential credit packages.

Vietcombank is committed to maintaining reasonable deposit interest rates and has requested the State Bank of Vietnam to consider reducing the ceiling on deposit interest rates to help banks have better input costs, thereby supporting businesses in production and trade.

In addition, Mr. Vinh suggested that the State Bank of Vietnam consider increasing the proportion of deposits from the State Treasury in the short-term capital structure, helping banks have more credit resources for the economy.

Mr. Le Quang Vinh – General Director of Vietcombank - Photo: VGP/HT

Mr. Pham Toan Vuong, General Director of Agribank, affirmed that Agribank has implemented many solutions to maintain low interest rates to support economic growth, alleviate difficulties for customers, and cooperate with the Government. Deposit interest rates, especially for short-term maturities, have been kept stable or slightly reduced. In the context of the transition to a two-tiered government model, Agribank continues to reduce costs, adjust the maturity structure, and promote digital transformation to maintain reasonable interest rates. At the same time, the Agribank representative suggested that the State Bank of Vietnam continue to manage monetary policy stably and consider the loan-to-deposit ratio (LDR)...

"Banks, especially the group of state-owned commercial banks, are always at the forefront of implementation, but most importantly, the State Bank of Vietnam needs to closely monitor compliance with interest rate regulations; only then will it bring about overall effectiveness," the Agribank representative emphasized.

Mr. Pham Toan Vuong, General Director of Agribank - Photo: VGP/HT

On BIDV's side, General Director Le Ngoc Lam stated that in the first seven months of the year, the bank reduced its income by approximately 3,000 billion VND to support lower lending interest rates. BIDV's deposit interest rates have also decreased.

In addition, Mr. Le Ngoc Lam proposed that the State Bank of Vietnam increase the loan limit via electronic means from the current level (100 million VND) to a higher level, meeting actual needs and reducing credit costs.

According to Mr. Pham Chi Quang, Director of the Monetary Policy Department (State Bank of Vietnam), lending interest rates continue to trend downwards. As of July 20, 2025, the average deposit interest rate for new transactions of commercial banks is 4.18%/year, stable compared to the end of 2024; the average lending interest rate for new transactions is 6.53%/year, a decrease of about 0.4%/year compared to the end of 2024.

Based on monitoring the interest rates announced by commercial banks, from the beginning of 2025 until now, the listed deposit interest rates of commercial banks have remained basically stable compared to the end of 2024.

Deputy Governor Pham Thanh Ha speaks at the Conference - Photo: VGP/HT

At the conference, after hearing reports from functional departments and opinions from 10 banks accounting for over 70% of the deposit market share and 67% of the credit market share, Deputy Governor Pham Thanh Ha stated that the State Bank of Vietnam has comprehensively grasped the market reality and is committed to maintaining stable operational policies, liquidity, and forecasting capabilities to meet the requirements of the banking system.

However, the Deputy Governor also noted that banks need to be aware of customers' desires for stable interest rates, smooth disbursement, sufficient liquidity, and transparent information.

In that spirit, the State Bank of Vietnam requires banks and relevant agencies to immediately implement the tasks in a coordinated manner.

For credit institutions, it is necessary to seriously implement Directive 01 on key tasks for 2025, contributing to macroeconomic stability and inflation control. Urgent measures should be taken to stabilize and reduce deposit and lending interest rates. Cost savings in operations, application of technology, and profit sharing should be promoted to reduce lending interest rates.

Maintain transparency regarding average lending interest rates, interest rate spreads, and credit packages on the website. Credit institutions need to prioritize credit growth while ensuring safety and efficiency, focusing on priority sectors, and controlling high risks. Clear communication about credit policies is necessary to facilitate easy access for the public.

For units under the State Bank of Vietnam, the Deputy Governor requested close monitoring of fluctuations in deposit interest rates and lending interest rates, and supervision of information disclosure on the credit institution system.

Deputy Governor Pham Thanh Ha requested increased inspection, examination, and close supervision of credit granting activities of credit institutions, compliance with the policies and directives of the Government, the Prime Minister, and the State Bank of Vietnam on stabilizing deposit interest rates, reducing lending interest rates, and publishing deposit and lending interest rates; and strictly handling, in accordance with the law, cases of violations and credit institutions engaging in unfair interest rate competition that violate the law.

The Deputy Governor requested that local branches of the State Bank of Vietnam strengthen interest rate supervision, conduct inspections, and report on cases exceeding their authority.

"The banking system has sufficient resources, determination, and confidence to fully implement its commitment to stabilizing deposit interest rates and reducing lending interest rates, thereby making a significant contribution to the country's economic growth targets," Deputy Governor Pham Thanh Ha expressed his confidence.

Huy Thang

Source: https://baochinhphu.vn/duy-tri-lai-suat-on-dinh-giam-chi-phi-tin-dung-cho-nen-kinh-te-102250804195140395.htm