Vietnam - Gap between deposit and lending interest rates to be controlled at no higher than 3pct

The State Bank of Vietnam (SBV), the country's central bank on May 3 had an important meeting with large commercial banks to decide lowering the interest rates, according to the local newswire NDHMoney.

Accordingly, the central bank's policy is to mainly focus on lowering the lending interest rate to enterprises and facilitate them in accessing bank loans easier.

It is expected that in this interest rate reduction, the gap between deposit and lending interest rates will be controlled at no higher than 3 percent.

The reduction of lending interest rate will be also for only some specific prioritised borrowers and sectors such as export, agriculture and rural areas, supporting industry and small and medium sized enterprises (SMEs).

Currently, the deposit interest rate cap is at 12 percent per year.

VietBiz24

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