Vietnam Orders Lenders to Cut Rates as Credit Costs Surge
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5 Articles
Vietnam orders lenders to cut rates as credit costs surge
Credit: Unsplash - Dylan CalluyThe order follows a sharp rise in borrowing costs across the country. SBV figures show the average lending rate reached 10.7% in August, 0.2 percentage points higher than in July and roughly three points above its level a year earlier.
The focus should be on reducing lending interest rates by 1.5-2% for production, business, and priority sectors to support people and businesses.
(Dan Tri Newspaper) - Deputy Prime Minister Nguyen Van Thang requested a reduction in lending interest rates by 1.5-2% for production, business, and priority sectors, to support people and businesses.
The above request was made by Deputy Prime Minister Nguyen Van Thang at the monetary policy management meeting held yesterday evening, October 16th.
The State Bank of Vietnam and credit institutions need to effectively implement solutions to reduce lending interest rates by 1.5-2% for production, business, and priority sectors, while controlling bad debts. Pressure from capital costs pushed the average lending interest rate for Vietnamese Dong up to 10.7%. BIDV allocated 30,000 billion VND with a 2% preferential interest rate for home loan customers. Many more banks reduced lending interest …
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