On August 14, 2023, the State Bank of Vietnam issued Official Letter 6385/NHNN/CSTT on reducing lending interest rates, which required a reduction in lending interest rates from 1.5 to 2% per year. Join Pham Consult to learn more about this information!
The State Bank asked to reduce lending interest rates from 1.5 to 2%/year
Accordingly, following the direction of the Government and the Prime Minister in Resolution 97/NQ-CP dated July 8, 2023, the Government’s regular meeting in June 2023, an online conference between the Government and the locality; Resolution 105/NQ-CP dated July 15, 2023 on tasks and solutions to remove difficulties for production and business, continue to promote reform of administrative procedures, tighten discipline and the Decree No. Resolution 124/NQ-CP dated August 7, 2023 at the regular Government meeting in July 2023, the State Bank of Vietnam requested credit institutions, state bank branches (CIs) to implement a number of regulations. the following content:
– Credit institutions continue to implement solutions to reduce interest rates, especially reducing lending rates for loans with existing outstanding balances and new loans (striving for a minimum interest rate reduction). 1.5-2% per year) under the direction of the Government and the Prime Minister in order to support businesses and people to recover and develop production and business.
– Credit institutions send loan interest reports, specifically:
+ Report on commitment to reduce lending interest rates in 2023 for existing outstanding loans (according to attached Table 1) and new loans to the SBV before August 25, 2023;
+ Report the results of the implementation of the commitment to reduce lending interest rates in 2023 for existing outstanding loans (according to attached Table 2) and new loans to the SBV before January 8th/ 2024.
Report to the State Bank of Vietnam (Monetary Policy Department and Banking Inspection and Supervision Agency), 49 Ly Thai To, Hoan Kiem, Hanoi; The scanned word/excel copy is sent to the email address: email@example.com.
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