State Bank vows to slash VND interest rates

The State Bank of Vietnam (SBV) will continue reducing deposit and lending interest rates in VND to around 10 percent and 12 percent per annum, respectively, said Deputy Governor Nguyen Dong Tien.

Transaction conducted at an Asia Commercial Bank branch in Ho Chi Minh City.

At a working session between the SBV, the Vietnam Banking Association and commercial banks’ general directors in Hanoi on June 11, Mr. Tien said that the SBV will flexibly use monetary policies to assist commercial banks in cutting the interest rates and increasing liquidity for the economy.

Commercial banks’ executives said they agreed with the Government’s policy on interest rates and were actively implementing this policy.

They also expressed their belief in the success of the policy given the macro-economic stability, the Government’s drastic instructions and the SBV’s assistance.

Source: VNA

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