Vietnam lending rates fall faster than deposit rates
Average lending interest rates in Vietnam tended to fall faster than those on deposits, with respective drops of 0.25% and 0.15% as of January 31 compared to the end of 2023.
Speaking at a Tuesday conference in Hanoi on promoting credit in 2024, State Bank of Vietnam (SBV) Deputy Governor Dao Minh Tu also said that the central bank has synchronously deployed measures right from the beginning of the year to create favorable conditions for institutions to provide credit and for people and businesses to access it.

State Bank of Vietnam (SBV) Deputy Governor Dao Minh Tu speaks at a conference on promoting bank credit in 2024 in Hanoi, February 20, 2024. Photo courtesy of the SBV.
Specifically, the central bank issued Directives 01 and 02 and Action Program 83 to implement resolutions and directions of the government and the Prime Minister, he said.
The SBV has continued to review and improve regulations on granting credit to facilitate lending by institutions and to improve access to bank credit including support for customers facing difficulties in obtaining loans, Tu said.
While it has set a credit growth target of about 15%, the goal can be adjusted to suit actual situations and economic development needs, he added.
The SBV also issued Official Dispatch No. 117 dated February 7, 2024, requesting credit institutions to continue implementing instructions of the Prime Minister and the central bank on interest rates. They have also been asked to report on average lending and deposit rates, including differences between them.
On orientations and solutions for regulating credit activities in 2024, the SBV leader stated that it will continue to manage interest rates in accordance with market developments, macroeconomic situation, inflation and monetary policy goals.
“The central bank is encouraging credit institutions to reduce costs, simplify procedures, increase the application of technology and digital transformation in the credit granting process. It is also pushing institutions to further cut lending interest rates and support the economy.”
Credit institutions have been asked to increase credit safely and effectively, focusing on production and business sectors, priority areas and growth drivers; continue to strictly control credit in potentially risky areas; and expand credit for consumption, thus minimizing "black credit".
The SBV will also continue directing credit institutions to drastically implement credit programs and policies, including a VND120 trillion ($4.89 billion) loan program for social and worker housing construction and old apartment building renovation, he said.
Credit institutions should continue to implement action plans devised for the banking sector to implement the national strategy on green growth for the 2021-2030 period, Tu said.
Credit growth of Vietnam’s banking system in January 2024 dropped 0.6% compared to the end of 2023, with some commercial banks seeing a fall of 1.2-2.3%, the SBV reported at the conference.
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