The State Bank of Vietnam (SBV) on June 27 announced the reduction in
maximum interest rates for bank deposits in VND and USD, as well as
short-term lending in VND of foreign credit institutions and bank
branches.
Accordingly, the maximum interest rate
for non-term and under-one-month term bank deposits in VND will drop
from 2 percent to 1.2 percent per year, while the rate will reduce from
7.5 percent to 7 percent per year for deposits with term from one month
to six months.
SBV also will apply reduction from 0.5 percent to 0.25 percent per year to deposits in USD.
At the same time, the short-term lending interest rate in VND will be
cut from 10 percent to 9 percent per annum for prioritised sectors
including agriculture, export, supporting industry, and small and
medium-sized enterprises and high-tech firms.-VNA