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| The State Bank of Vietnam has reduced the operating interest rate 4 times in a row in recent months (Artwork: KT) |
The State Bank of Vietnam (SBV) as well as many experts believe that the Fed's interest rate hike does not affect Vietnam's economy and finance too much. Moreover, Vietnam has been ahead, anticipating developments of the world economy, making a series of actions such as lowering interest rates and keeping the exchange rate stable.
According to the report of the SBV, by the end of June 6, the average deposit and lending interest rates of new transactions in VND of commercial banks (commercial banks) decreased by about 2023% per year compared to the previous year. By the end of 1,0, commercial banks have proactively adjusted and implemented preferential credit programs/packages to reduce lending interest rates with a reduction of about 2022-0,5%/year depending on the type of customer. new loans. In the first 3,0 months of the year, credit increased by 6%, the State Bank has adjusted to increase the credit growth target in 4,73 for credit institutions (CIs) with a system-wide allocation of about 2023%.
“In the first months of 2023, due to the impact of many dimensions, one is that our country's difficulties after 2 years of the epidemic are still there, the second is that the world economic fluctuations are still complicated, the bank's credit is also However, there are still major targets that the State Bank can ensure to stabilize the macro-economy, control the expected inflation, maintain a stable value of money, and maintain a stable interest rate. The rate is controlled very aggressively,” said Mr. Dao Minh Tu, Deputy Governor of the State Bank.
The fact that the State Bank has reduced the operating interest rate 4 times in a row in recent months is considered a necessary step to increase access to capital and remove difficulties for people and businesses under the direction of the Government. Many comments said that the interest rate level has room to lower further this year.
“Compared to the end of 2022, the interest rate level has decreased by about 2,5 - 3%. We have preferential packages to help customers restore production and business. For example, a package of 7,99% for short-term loans and 10,49% for long-term loans," said Mr. Bui Thanh Trung, Deputy General Director of OCB.
The dollar fell to its lowest level in more than a year. Since the beginning of 1, the USD/VND exchange rate has fluctuated around 2023 – 23.240 VND/USD, a margin of +/- 23.630% compared to the central exchange rate of the State Bank. This is considered a significantly more stable level than 1,9 when it peaked at 2022 VND/USD, up 24.692% compared to the central rate.
The important factor supporting the stable exchange rate in the past time is the positive increase in foreign currency supply in many fields. The most obvious is that international guests stay longer and spend more. Nearly 5,6 million international visitors have come to Vietnam since the beginning of the year. Along with that, goods continued to have a trade surplus of more than 12 billion USD, greatly supplementing the domestic foreign currency supply. The race to raise interest rates globally has made multinational corporations hesitate to invest, however, FDI inflows into Vietnam recently disbursed more than 10 billion USD. Policy coordination will minimize the exchange rate pressure of Vietnam this year.
“When the exchange rate was stabilized, it helped a lot for logistics businesses and import-export businesses in general. Fees for international services by sea or by air must be paid in USD,” said Mr. Tran Duc Nghia - General Director of Delta International Joint Stock Company.
The outlook for the second half of the year of most financial institutions said that the outlook for the dollar in the second half of 2023 is positive. The general expectation is that this currency will anchor at a high level thanks to attractive interest rates and safe haven role in the context of world economic uncertainty. Although there will be cyclical fluctuations at the end of the year when the demand for foreign currencies increases to pay for international orders, experts say it will not cause significant disturbances. The favorable factors from the beginning of the year will continue to be maintained, creating stability for the value of the Vietnamese currency in the face of world fluctuations.
According to Bao Ngoc/VOV1
