Governor of the State Bank of Vietnam (SBV) Pham Duc An has called on commercial banks to cut lending rates selectively, prioritising production, business activities and sectors encouraged by the Government, while ensuring banking system safety.

Banks are stepping up efforts to cut borrowing costs for small and medium-sized enterprises (SMEs), with Agribank launching a VND50 trillion (US$1.9 billion) preferential lending programme as the Government seeks to channel credit into production and business to support double-digit growth.