More than 23 banks have cut deposit interest rates by 0.1-1 percentage points in response to the Prime Minister’s direction to lower rates to help achieve the Government’s 8% growth target in 2025, according to the State Bank of Vietnam (SBV).

Among them, the BVBank has reduced deposit rates by 0.1-0.4 percentage points for terms of 6-60 months, while the MSB and Saigon Bank cut deposit rates by 0.2 percentage point for terms of 13-36 months.

Kien Long Bank has slashed the rates for online deposits by 0.4-1 percentage points for terms of 1-60 months.

Earlier, on February 24, Prime Minister Pham Minh Chinh signed a Dispatch, requiring the SBV to enhance measures to reduce interest rates.

On February 25, the SBV held a meeting with banks to discuss measures to lower the interest rates to support the economy following the PM’s directions.