The State Bank of Vietnam requires efforts to reduce lending interest rates by 1-2%/year.

The State Bank of Vietnam (SBV) requires banks to continue to drastically implement solutions to reduce costs, simplify lending procedures, increase the application of information technology and digital transformation in the lending process to strive to reduce lending interest rates by 1-2%/year, especially for traditional growth drivers, emerging industries, green transformation, circular economy , social housing... to support businesses and people to develop production and business, increase access to bank credit capital according to the direction of the Government and the Prime Minister.

Notably, the State Bank requires banks to maintain stable and reasonable deposit interest rates, consistent with their ability to balance capital, expand healthy credit, and manage risks, stabilize the money market and market interest rates.

It is known that in May, the market recorded a series of banks increasing interest rates, especially some banks increased interest rates 4 to 4 times in a row. The interest rate increased by about 0.2-0.3 percentage points.

Experts say that banks are increasing deposit interest rates to make savings channels more attractive, preparing for increased lending in the coming time.

In the past two weeks, interbank interest rates have also skyrocketed, surpassing the 5% threshold in many key terms. Some say that banks with high interbank borrowing rates are facing liquidity difficulties.

In addition to requiring commercial banks to stabilize deposit interest rates, the State Bank also directed banks to continue implementing effective, targeted credit growth solutions to promptly meet the economy's credit capital needs.

Directing credit to production and business sectors, priority sectors and economic growth drivers, determined to implement practical and effective solutions to strive for credit growth of the entire system by the end of the second quarter of 2024 at 5-6% according to the Government's policy and the Prime Minister 's direction; strictly controlling credit for sectors with potential risks, ensuring safe and effective credit activities.

In addition, actively review projects to ensure timely credit supply for feasible projects, speed up loan approval, apply flexible loan collateral measures and forms, in accordance with legal regulations, and facilitate loan customers.

Promote the diversification of banking credit products and services suitable for each customer segment, focusing on developing new credit products to meet the needs of people's lives and consumption. Proactively and actively communicate promptly, clearly and fully about the policies, products and services of credit institutions to help people and businesses grasp, understand and access the programs and policies of credit institutions.

The operator said that in the coming time, connection and dialogue activities between banks and businesses will continue to be implemented.

This is one of the activities that the State Bank of Vietnam has actively implemented in 2023 and achieved many positive results when after the Dialogue Conferences, many credit packages and credit policies were deployed to support businesses and people. In particular, businesses also have a better understanding of the credit granting activities of banks.

Source: https://laodong.vn/kinh-doanh/nhnn-yeu-cau-no-luc-phan-dau-giam-1-2nam-lai-suat-cho-vay-1346770.ldo