VOV.VN - High interest rates have exerted a strong impact on Vietnam’s competitiveness, heard a seminar themed “Impact of High Interest Rates on Macro-economic Stability and Growth Recovery in 2023” held on May 11 in Hanoi.

Banks have been steadily cutting deposit interest rates, which have reached around 8%, a move aimed at reducing lending rates to support businesses.

The State Bank of Vietnam (SBV) has been drastically implementing measures, particularly those to reduce loan interest rates, said its deputy governor Dao Minh Tu at a regular government press conference on May 5, calling it one of the important and practical policies to help businesses.

Four State-owned commercial joint stock banks in Vietnam have reached a high consensus on the State Bank of Vietnam (SBV)'s policy on reducing interest rates in the coming time.

Manulife Vietnam settled claims worth nearly VND7 trillion (US$298.55 million) last year, a 36% increase from the previous year, the insurance company said in a press release.

Standard Chartered Bank has announced the launch of a strategic partnership with information technology company MISA JSC to offer unsecured invoice financing to small and medium-sized enterprises at competitive interest rates and straight-through processes.

The Ho Chi Minh City Union of Business Associations has proposed authorities to resolve difficulties faced by businesses suffering from a sharp drop in export orders.

Authorities of Ho Chi Minh City plan to spend more than VND10.2 trillion (US$433 million) on a sustainable poverty reduction programme this year.

Vietnam’s banking system is showing signs of returning to a period of money surplus as no bank needs the State Bank of Vietnam's (SBV) capital in the open market operation (OMO) channel and overnight interbank interest rates have dropped sharply.

The State Bank of Vietnam, the central bank, announced five separate decisions on March 31, to further lower some key interest rates, with effect from April 3. This is the second round of rate cuts in March.