At the same time, according to the State Bank, the adjustment to reduce the ceiling interest rate on VND deposits for terms from 1 to less than 6 months also helps credit institutions reduce input costs, thereby creating favorable conditions to reduce lending interest rates, increase access to capital for businesses and people, contributing to promoting economic growth.
The State Bank said that the monetary market is stable, the liquidity of the credit institution system is abundant and surplus, meeting the payment and disbursement needs of the economy, the foreign exchange market is stable, liquidity is smooth, and legitimate foreign currency needs are fully met. Since the beginning of 2023, the State Bank has flexibly and synchronously deployed many monetary policy measures and tools to ensure timely response to the capital needs of the economy. The State Bank's flexible liquidity management solutions have contributed to stabilizing the market interest rate level, supporting credit institutions to reduce deposit interest rates and reduce lending interest rates for the economy.
In the context of inflation increasing but tending to slow down, economic growth still facing many difficulties, in order to reduce lending interest rates and implement measures to remove difficulties for the economy, support growth recovery under the direction of the Government and the Prime Minister , since the beginning of the year, the State Bank has adjusted down the operating interest rates 3 times with a total reduction of 0.5-1.5%/year. Along with that, in May 2023, implementing the direction of the State Bank, credit institutions have been taking measures to reduce lending interest rates to support businesses, people and the economy to recover production and business.
As one of the Big Four banks, Mr. Le Quang Vinh, Deputy General Director of the Joint Stock Commercial Bank for Foreign Trade of Vietnam ( Vietcombank ), said that Vietcombank has always closely followed the monetary policy directives of the State Bank. Since the beginning of the year, Vietcombank has significantly reduced interest rates twice, one was from January 1 to April 30, Vietcombank simultaneously reduced 0.5% on the number of customers with reduced interest rates of 130,000 customers, with the amount of reduced interest rates equivalent to VND 800,000 billion. Immediately after the first phase ended, Vietcombank continued to implement the second phase, from May 1 to July 31, with the number of customers with reduced interest rates of about 110,000 customers, the scale of outstanding loans with reduced interest rates of about VND 700,000 billion.
"For this third interest rate cut, Vietcombank is also closely following and will promptly implement the interest rate cut to ensure it meets the needs of the economy and the people, as well as better supports the overall development," said Mr. Le Quang Vinh.
Mr. Pham Nhu Anh, General Director of Military Commercial Joint Stock Bank (MB), said that this is the right time to help banks lower deposit interest rates and thereby create conditions to reduce lending interest rates. With the market currently absorbing capital very weakly and the economy facing many difficulties as it is now, reducing operating interest rates will reduce many difficulties for customers and banks in the coming time.
Along with the reduction of the State Bank's operating interest rate, according to Mr. Pham Nhu Anh, MB Bank has also continuously launched preferential interest rate packages for customers, reducing interest rates for disadvantaged customers and priority customers. Since the beginning of the year, MB has launched 120,000 billion VND in low-interest credit packages to serve the needs of customers and support customers during difficult times. Recently, MB has also reduced interest rates to support customers with an amount of up to 500 billion VND for disadvantaged customers and priority customers according to the requirements of the Government and the State Bank.
Mr. Pham Nhu Anh also affirmed that right after the State Bank reduces deposit interest rates this time, MB will continue to have new policies to support customers.
In the coming time, the State Bank said it will continue to closely monitor domestic and international developments, forecast inflation and market interest rates to manage interest rates appropriately; continue to have solutions to encourage credit institutions to reduce costs to reduce lending interest rates to support businesses to recover and develop production and business.
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