Banks to lower loan interest rates by 50 basis points

Banks are set to cut loan interest rates on Monday on the directions of the central bank, which is seeking to speed up economic recovery.

State Bank of Vietnam officials have been meeting regularly with bankers to exhort them to reduce lending interest rates amid economic challenges, including on Thursday when a 0.5 percentage point cut was agreed upon.

A cash transaction is seen at a bank in Hanoi.

Some state-owned lenders had already reduced their rates. Agribank lowered its rates by 0.5 percentage points for certain loans, while ACB made a 0.5-2-percentage-point cut.

Prime Minister Pham Minh Chinh instructed the central bank on Friday to find more ways to bring down loan interest rates.

He also tasked it with reviewing the VND40 trillion ($1.7 billion) and VND120 trillion credit packages the government has approved to ensure they are accessible.

Chinh said businesses have been complaining that the current loan interest rates of more than 10% a year are making it difficult for them to keep their operations going.

The SBV on Thursday lowered its policy rates for a second time this year, calling it a "key step to bring down loan interest rates."

Capital mobilization from commercial banks up over 4.7 trillion VND

(BGO) – In the first quarter of this year, the commercial banks in Bac Giang province mobilized total capital of 90 trillion VND (3.8 billion USD) from the organizations, businesses and individuals, up over 4.7 trillion VND against the figure in December 31, 2022, reported the Bac Giang branch of the State Bank.

 

Banks reduce deposit interest rates

Banks have cut deposit interest rates by 0.3-0.5 percentage points after Prime Minister Pham Minh Chinh called on them to foster economic recovery.

 

Capital mobilization at commercial banks up over 53.4 million USD

(BGO) - By the end of January 2023, the commercial banks in Bac Giang province mobilized totally over 86.9 trillion VND of capital, up nearly 1.26 trillion VND (over 53.4 million USD) against the figure at December 31, 2022, reported State Bank of Vietnam's Bac Giang branch.

 

Reduce costs to lower loan interest rates, PM tells banks

Prime Minister Pham Minh Chinh has called on banks to cut costs to be able to reduce loan interest rates and help boost economic recovery.

 

Vietnam Electricity, European Investment Bank ink MoU on sustainable energy development

Vietnam Electricity (EVN) and the European Investment Bank (EIB) have signed a memorandum of understanding to create a prerequisite for the EIB to help with the Vietnamese group’s sustainable development and energy transition.

 

Source: VnExpress