After a meeting on the afternoon of April 9, commercial banks agreed to lower deposit and lending rates to cool the market and support economic growth.
Commercial banks in Vietnam have reached an agreement to lower deposit and lending rates following a banking sector implementation meeting held on the afternoon of April 9 in Hanoi . The initiative, led by the new head of the State Bank of Vietnam, Pham Duc An, aims to support businesses and individuals amid signs of rising interest rates recently.
Control inflation and stabilize the macroeconomic situation in the first quarter of 2026.
Pham Chi Quang, head of the Monetary Policy Department, reported at the meeting that the State Bank of Vietnam proactively and flexibly handled monetary policy in the first three months of 2026. The regulator conducted daily open market operations with appropriate volumes to support liquidity and stabilize the money market.
In the foreign exchange market, exchange rates are guided by market conditions to absorb shocks. The State Bank of Vietnam has coordinated various tools, including interventions by selling foreign exchange, to stabilize the macroeconomic environment and control inflation. At the same time, policy rates have been kept unchanged to facilitate access to low-cost capital for credit institutions.
Relieve interest rate pressure from competition in capital mobilization.
According to the State Bank of Vietnam, the international economic situation is becoming increasingly complex as geopolitical tensions in the Middle East push up oil prices, creating global inflationary pressures. In the domestic market, strong demand for capital to support economic growth has led to fierce competition among some commercial banks to attract deposits, which directly pushes up interest rates.
In light of this situation, the commercial banks participating in the meeting expressed strong support for the policies of the government and the State Bank. They pledged to make efforts to lower deposit and lending rates immediately after the meeting to support the economy.
Credit growth target: 15% for the full year.
Regarding the focus on credit management, the State Bank of Vietnam continues to maintain a credit growth target of around 15% for the whole of 2026. The regulator requires credit institutions to strictly control capital flows to potentially risky sectors such as real estate, and instead focus resources on production and business sectors and priority growth factors.
In the coming period, the State Bank of Vietnam confirms that it will closely monitor the publication of lending rates on banks' websites. At the same time, the authority is ready to support liquidity for commercial banks, but will also inspect and strictly deal with violations related to capital mobilization and credit provision.
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