May 26, 2023 | 09:32 GMT+7

Commercial banks agree to cut lending interest rates

Tùng Thư -

Moves made following the central bank’s decision to cut regulatory interest rates from May 25.

The State Bank of Vietnam (SBV) held a meeting on May 25 with leaders from the country’s major commercial banks to seek solutions to reducing lending interest rates after the central bank decided to cut regulatory interest rates.

Deputy Director General of Vietcombank Le Quang Vinh said it will promptly cut lending interest rates to meet the needs of people and the economy.

Earlier, Vietcombank reduced its lending interest rates by 0.5 percentage points per annum twice this year, from April 1-30 and May 1-July 31.

Agribank, meanwhile, has cut its lending interest rates five times this year.

Director General of MB Pham Nhu Anh said that together with the central bank’s reduction of regulatory interest rates, MB has continuously offered preferential interest rate packages for customers. The bank’s credit growth stands at 6.5 per cent so far this year and it is expected to increase to 9 per cent by the end of June.

The SBV decided on May 23 to continue reducing regulatory interest rates by 0.5 percentage points, effective from May 25. This is the third time rates have been cut this year.

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