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 to deploy solutions to stabilize deposit interest rates and reduce lending interest rates - Photo: VGP/HT

On the afternoon of August 4, in Hanoi , the State Bank of Vietnam (SBV) held a conference to deploy 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 of relevant departments and agencies.

Synchronize policies to ensure growth targets

Deputy Governor Pham Thanh Ha said that stabilizing interest rates and reducing lending rates were carried out in accordance with the direction of the Government and the Prime Minister, aiming to support the economic growth target of 8% or more in 2025. Therefore, the SBV has proactively and flexibly managed monetary policy, closely coordinating with fiscal policy and other macroeconomic policies.

According to Deputy Governor Pham Thanh Ha, the money and foreign exchange markets have been stable, and credit has grown strongly since the beginning of the year. As of July 29, 2025, credit across 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 remarkable increase in the past few years. Deposit interest rates continue to remain stable, while lending interest rates continue to decrease. In addition, credit institutions have announced lending interest rates on their websites for customers to easily refer to.

The Deputy Governor emphasized that the Prime Minister has repeatedly requested the SBV to closely monitor interest rate developments to have appropriate management solutions. On that basis, this conference aims to continue to thoroughly grasp and request credit institutions to seriously implement the instructions on stabilizing input 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 this bank has fully complied with the direction of the State Bank in stabilizing deposit interest rates and implementing preferential credit packages.

Vietcombank pledges to continue maintaining reasonable deposit interest rates and at the same time proposes that the State Bank of Vietnam study reducing the deposit interest rate ceiling to help banks have better input capital prices, thereby supporting production and business enterprises.

In addition, Mr. Vinh suggested that the State Bank consider increasing the ratio of State Treasury deposits 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: Agribank has implemented many solutions to maintain low interest rates to support economic growth, remove difficulties for customers and accompany the Government. Deposit interest rates, especially short-term ones, have been kept stable or slightly reduced. In the context of converting to a two-tier government model, Agribank continues to cut costs, adjust term structure, and promote digital transformation to keep interest rates reasonable. At the same time, Agribank representatives recommended that the State Bank continue to operate a stable monetary policy, consider the credit mobilization ratio to mobilized capital (LDR)...

"Banks, especially the group of State-owned commercial banks, are always pioneers in implementation, but most importantly, the State Bank needs to closely monitor compliance with interest rates, only then will it bring about overall efficiency," emphasized the representative of Agribank.

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

On BIDV's side, General Director Le Ngoc Lam said that in the first 7 months of the year, the bank reduced its income by about 3,000 billion VND to support the reduction of lending interest rates. BIDV's mobilization interest rates have decreased.

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

According to Mr. Pham Chi Quang, Director of the Monetary Policy Department (SBV), the lending interest rate level continues to decrease. By July 20, 2025, the average deposit interest rate for new transactions of commercial banks will be at 4.18%/year, stable compared to the end of 2024; the average lending interest rate for new transactions will be at 6.53%/year, down about 0.4%/year compared to the end of 2024.

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

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

At the conference, after listening to reports from functional departments and opinions from 10 banks accounting for more than 70% of capital mobilization market share and 67% of credit market share, Deputy Governor Pham Thanh Ha said that the State Bank has comprehensively grasped the market reality, and at the same time, committed to maintaining stable operating policies, liquidity and forecasting ability, meeting the requirements of the banking system.

However, the Deputy Governor also noted that banks need to clearly understand customers' expectations of stable interest rates, smooth disbursement, adequate liquidity and transparent information.

In that spirit, the State Bank requests banks and functional units to immediately deploy synchronous tasks.

For credit institutions, it is necessary to strictly implement Directive 01 on key tasks in 2025, contributing to stabilizing the macro economy and controlling inflation. Urgently implement solutions to stabilize and reduce deposit and lending interest rates. Promote saving on operating costs, apply technology, and share profits to reduce lending interest rates.

Maintain transparency in average lending interest rates, interest rate differentials and credit packages on the website. Credit institutions need to increase credit growth in line with safety, efficiency, focus on priority areas and control high risks. It is necessary to clearly communicate credit policies and create conditions for people to easily access them.

For units under the State Bank, the Deputy Governor requested to closely monitor fluctuations in deposit interest rates, lending interest rates, and supervise information disclosure on the credit institution system.

Deputy Governor Pham Thanh Ha requested to strengthen inspection, examination and close supervision of credit granting activities of credit institutions, compliance with policies and directions of the Government, Prime Minister and State Bank of Vietnam on stabilizing deposit interest rates, reducing lending interest rates, announcing deposit interest rates, lending interest rates; strictly handle violations according to law, credit institutions compete unfairly on interest rates, not in accordance with law.

The Deputy Governor requested that local branches of the State Bank of Vietnam strengthen interest rate monitoring, inspection and reporting on cases exceeding authority.

"The banking system has enough resources, determination and confidence to fully implement its commitment to stabilize deposit interest rates and reduce lending interest rates, thereby making an important contribution to the country's economic growth target," 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