From July, commercial banks will immediately reduce VND lending rates to 12% and mobilization rates to 10%/year.

Today (June 25), Governor of the State Bank Nguyen Van Giau chaired a meeting to discuss interest rates with 5 General Directors of State-owned commercial banks and a number of large-scale joint stock commercial banks such as: Asia, Saigon trade, import-export, technology and trade, military, international, non-state. Also attending the meeting were the Secretary General of the Vietnam Banks Association (VNBA) and representatives of leaders of inspection and supervision agencies and a number of functional departments of the State Bank.

At the meeting, the General Directors of commercial banks all said that continuing to reduce interest rates is very necessary for the economy and banking system. With the support of the State Bank of Vietnam, especially the high consensus of commercial banks, further reduction of VND business rates will be possible from the beginning of July.

In the immediate future, large-scale commercial banks will immediately reduce VND lending rates for three priority customers (agricultural and rural production sectors, exports, and small and medium-sized enterprises) to the correct level of about 12%-12%. .5%/year, other commercial banks will try to reach this goal in a short time. Regarding the VND mobilization rate, from the beginning of July 2010, VNBA members will have an agreement to gradually lower the rate over about 3 months, from the current common level of around 11.5%/year to 11%/year. year and strive to reach about 10.2%/year - 10.5% by the end of September 2010.

Speaking at the conclusion of the meeting, Governor Nguyen Van Giau affirmed the determination of the State Bank and the banking industry to seriously implement Resolution No. 18 of the Government on reducing business interest rates to contribute to achieving the set economic goals. (stabilize the macroeconomy, avoid high inflation and achieve an economic growth rate of 6.5%). The Governor also stated clearly that the State Bank will continue to implement measures (through monetary policy tools) to regulate the market interest rate level in a gradually decreasing direction. The Governor requested commercial banks not to carry out additional promotions that would increase the actual mobilization interest rate, to ensure high consensus of VNBA members.

It is known that for the fields of agricultural and rural production, export, small and medium enterprises, all commercial banks have reduced lending rates lower than other subjects, especially the Joint Stock Commercial Bank for Foreign Trade of Vietnam and Bank for Investment and Development of Vietnam has lent about 12%/year to the above subjects. Vietnam Joint Stock Commercial Bank for Industry and Trade and  Vietnam Bank for Agriculture and Rural Development, Mekong Delta Housing Development Bank  loan around 12.5%, while other joint stock commercial banks around 13%. Loan interest rates for other customers as of June 2010 have also decreased from 0.5% - 1%/year compared to May 2010 interest rates.

According to Vnexpress