The Government has set the budget overspending cap in 2022-2023 at 1%-1.2% of the country’s gross domestic product (GDP), not exceeding VND240 trillion.

Thanks to increases in savings interest rates, deposits at banks increased strongly in the first two months of this year after declining last year.

Loans of pandemic-hit enterprises will enjoy an interest rate cut of 2% under a government support package to remove difficulties for the businesses.

Vietnam’s GDP growth this year may be over 6.5% if high global inflation can be harnessed, the roadmap of the US Federal Reserve (Fed)’s interest rate raises is on schedule and economies worldwide are fully open.

The State Bank of Vietnam (SBV) has to continually inject money to support the liquidity of the banking system as the capital demand and interest rates on the interbank market have remained high though the Tet (Lunar New Year) holiday ended.

The deposit growth rate of individual customers at banks slowed last year due to the impacts of the pandemic.

Many banks have increased their interest rates to attract more depositors after getting a credit growth quota expansion from the State Bank of Vietnam (SBV).

Deposit interest rates at commercial banks will continue to decrease and remain at low levels in the coming months, analysts forecast.

Real estate businesses in Ho Chi Minh City are gingerly reopening, mostly consulting and carrying out transactions online due to the COVID-19 prevention and control regulations still in force.

The banking sector will provide enough credit to businesses at supportive interest rates this quarter to help revive them, according to the State Bank of Vietnam’s Ho Chi Minh City branch.