The government requires the banking industry to continue reducing lending rates.

Since the beginning of the year, the banking system has made efforts to reduce interest rates, sharing difficulties with the economy. In recent days, some banks have continued to adjust down the interest rates for mobilizing VND.

Lending interest rates have decreased rapidly by 5-8% per year compared to the end of 2011, in line with developments in inflation, the macro economy and the monetary market.

Lending interest rates have decreased rapidly by 5-8% per year compared to the end of 2011, in line with developments in inflation, the macro economy and the monetary market.

Information from the State Bank shows that VND deposit interest rates are relatively stable for terms of 12 months or less, decreasing by about 0.5%/year for terms over 12 months. Currently, the common interest rate for non-term deposits is 1 - 2%/year; terms under 1 month 2%/year; from 1 month to under 12 months 8.8 - 9%/year, from 12 months or more 10 - 12%/year.

Accordingly, the common lending interest rate for agriculture, rural areas, exports, small and medium enterprises, and supporting industries is 10-13% per year; lending to other production and business sectors is 12-15% per year.

If at the end of 2011, the lending interest rate was up to over 20%/year, businesses only "dreamed" of the interest rate decreasing to 15-16%/year, but now the lending interest rate offered by commercial banks only fluctuates around 12%-13%/year, or even lower.

Assessing the current trend of decreasing interest rates, Dr. Nguyen Duc Kien, Deputy Chairman of the National Assembly's Economic Committee, said: Lending interest rates have decreased rapidly by 5-8%/year compared to the end of 2011, in line with developments in inflation, the macro economy and the monetary market.

At the regular meeting in November 2012, the Government requested that this December, the State Bank should continue to implement a flexible monetary policy, in line with macro balances, and request to "consider applying a ceiling on lending interest rates and reducing lending interest rates to help businesses access credit sources to serve production and business, but not let inflation increase again".

The currency market is waiting for a decision to cut interest rates from the State Bank.

Since the beginning of November, many banks have adjusted VND deposit interest rates down from 0.3% to 0.8%. For example, at Techcombank, the highest deposit interest rate is now only 12% per year, instead of the previous 12.5% ​​per year. Or at Eximbank, the highest interest rate is only 12% per year for 12-month and 13-month terms, instead of the old 12.3 - 12.8%.

Agribank mobilizes 12%/year for 24-month term, and 12-month and 18-month term are at 11%/year and 11.5%/year respectively. Vietinbank mobilizes 12-month term interest rate at 12%/year and from 10 - 11%/year for term from 13 - 36 months...

In recent days, some banks continue to adjust down interest rates on mobilizing VND.

According to the interest rate list posted on the morning of December 7 by Asia Commercial Joint Stock Bank (ACB), the highest interest rate is only 12%/year for terms of 13 and 36 months. For terms of 1-9 months, the highest interest rate is only 8.8%/year.

At Eximbank, the interest rate for mobilizing VND has been further reduced by this bank, the highest rate is only 11.5%/year applied for 12 and 13 month terms. From 15 month term onwards, the interest rate is only 11%/year...

At some other large banks such as Vietcombank, the VND mobilization interest rate for individual customers is now only 10.5%/year for long terms of 12 - 24 - 36 - 48 - 60 months, while the mobilization interest rate from the business sector for a 12-month term is 10%/year. At Vietinbank, the 12-13 month term is deposited at 11%/year, from 13 to 36 months is 10%/year and the term over 36 months is only maintained at 9%/year...

According to (Chinhphu.vn) – LT