Reducing interest rates, maintaining interest subsidies, hiking credit limits, and providing unsecured loans to manufacturing businesses are among the demands made by businesses in the south-eastern region to the State Bank of Vietnam (SBV).

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

Credit growth in the first months of this year slowed significantly due to high interest rates and firms’ poor health, raising concerns about rising bad debts.

The State Bank of Vietnam (SBV) has expected credit growth to hit 14-15% this year, leaving a possibility that it might adjust the orientation to suit the actual business situation and developments.

Governor of the State Bank of Vietnam (SBV) Nguyen Thi Hong has directed banks to continually reduce input costs with an aim to cut loan interest rates.

The State Bank of Vietnam on October 24 decided to revise up several interest rates by 1%, starting from October 25.

Commercial banks have continuously announced lending interest rate reductions to support and accompany customers to overcome the adverse impact of the COVID-19 pandemic.

Banks in Ho Chi Minh City are focusing on measures to mitigate the difficulties faced by businesses due to the COVID-19 pandemic and help them get back to health, a State Bank of Vietnam official has said.

The Ministry of Culture, Sports and Tourism has asked Prime Minister Nguyen Xuan Phuc for urgent support for tourism businesses impacted by the second wave of COVID-19.