Several banks swiftly lowered deposit interest rates last week, paving the way for reductions in lending rates in the near future to bolster businesses and fuel recovery.

Prime Minister Pham Minh Chinh has issued an official dispatch calling for intensified efforts to lower lending rates to support businesses and spur economic growth.

The State Bank of Vietnam (SBV) continued its net liquidity injection in the first two trading sessions of the Year of the Snake on February 3 and 4, pumping over VND35 trillion (US$1.4 billion) into the market.

The banking system's credit growth had risen by 11.12% as of November 22 compared to the end of 2023, hence the 15% growth target for the whole year is reachable, according to the State Bank of Vietnam (SBV).

VOV.VN - Prime Minister Pham Minh Chinh has asked the State Bank of Vietnam to direct banks to further lower lending rates to increase the economy’s access to capital.

The State Bank of Vietnam (SBV) has sent a document to credit institutions and branches of foreign banks and SBV in provinces and centrally-run cities regarding the reduction of interest rates.

The State Bank of Vietnam (SBV) is cutting down a series of key interest rates by 0.25%-0.5% from June 19, which is expected to make a double impact on the economy thanks to stronger credit activities and higher liquidity.

Governor of the State Bank of Vietnam (SBV) Nguyen Thi Hong provided explanations regarding the high lending rates and credit room management during a plenary session of the 15th National Assembly’s ongoing fifth meeting in Hanoi on June 1.

The State Bank of Vietnam (SBV) on March 14 issued two decisions to reduce regulatory interest rates by 0.5% to 1%, which will come into force on March 15.

Many banks have just launched credit packages with preferential lending interest rates that decreased by between 0.5-3% per year for customers in the fields of business and production, including real estate.