As of June 30, credit expanded 6% compared to the end of 2023 while total outstanding loans approximated VND14.4 quadrillion (US$563.3 billion), a positive signal showing this year's credit growth target of 14 - 15% is within reach, experts said. ​

The State Bank of Vietnam (SBV) has shortened terms and kept the interest rate of its bills unchanged to increase the attractiveness of the bill channel, which will help raise the interbank interest rates and reduce pressure on the USD/VND exchange rate.

Despite low interest rates, bank deposits have reached a new historic peak of VND16 quadrillion (US$628.5 billion) as of the end of March, according to the latest data from the central bank.

Credit within the banking system to the end of May 2024 increased by only 2.41% against the end of 2023, far from the credit growth target, the Government reported.

Many banks have adjusted up savings interest rates by 0.2-0.3% per year since early this months to lure depositors in the context that the savings amount at the banking system has declined for the first time after 25 consecutive month increase.

A decrease in deposit interest rates has been recorded in a number of banks from the beginning of April.

Deposit interest rates are expected to remain low until the middle of 2024, with a slight increase anticipated thereafter due to higher credit demand, analysts said.

VOV.VN - Prime Minister Pham Minh Chinh has asked the State Bank of Vietnam to apply a flexible monetary policy, especially in credit and interest rate management, in order to support business operations and the national economy as a whole.

VOV.VN - The domestic SJC gold price on March 9 morning continued its upward trajectory, reaching VND82.2 million per tael to surpass its all-time records.

VOV.VN - Domestic gold prices set a new record on March 7 as they hit VND82 million per tael for SJC gold bars and VND68.8 million per tael for gold rings.