Deputy Prime Minister Le Minh Khai has asked the State Bank of Vietnam (SBV) to continue reviewing regulations and procedures and remove obstacles to meet the credit demand among businesses and individuals, especially small and medium-sized enterprises (SMEs).

He made the request at a meeting with relevant ministries, agencies, and commercial banks on May 24 to discuss solutions to increase credit access and reduce interest rates for business and individuals.

The SBV said it has cut the regulatory interest rates three times this year by 0.5-1.5 per cent per annum following directions from the National Assembly and the government to tackle difficulties for the economy, enterprises, and individuals.

At the meeting, representatives from major commercial banks such as Agribank, Vietinbank, BIDV, Vietcombank, MB, and Techcombank confirmed they will continue to link with businesses to deal with the difficulties.

The banks agreed to work to cut interest rates and provide credit to priority areas to promote production and trade.