State Bank requires stabilizing the interest rate level

The State Bank will continue to closely monitor developments in deposit and lending interest rates in the market and at credit institutions.

Over the past period, the State Bank of Vietnam has proactively and promptly implemented management solutions to help control inflation, stabilize the macroeconomy and support economic growth. Among these, one of the key focuses is stabilizing the market interest rate level to help businesses and people access capital at reasonable cost.

Specifically, the SBV continues to keep policy interest rates unchanged, creating conditions for credit institutions to access funding from the SBV at low cost, thereby supporting the economy. At the same time, the SBV issued Official Letter No. 2342/NHNN-CSTT dated 30 March 2026 requiring credit institutions and foreign bank branches to focus on implementing solutions to stabilize the market interest rate level, contributing to keeping the monetary market stable.

On 9 April 2026, the SBV held a meeting with commercial banks to thoroughly convey the policy of the Government, the Prime Minister and the SBV on lowering the interest rate level to support businesses and people.

At the meeting, the SBV required commercial banks to reduce deposit interest rates on new deposits with terms of six months or more, while adjusting down listed interest rates and lending interest rates to improve the economy's access to capital.

Immediately after the meeting, many commercial banks proactively implemented interest rate cuts. In April 2026, the market interest rate level generally trended downward. However, recently there have been isolated cases of some credit institutions failing to strictly implement the SBV's direction, adjusting up deposit interest rates, which has been reflected by the press.

In response to this development, in order to resolutely implement the policy of lowering the interest rate level and strengthen market discipline, the SBV issued Official Letter No. 3972/NHNN-CSTT dated 14 May 2026 requiring regional SBV offices to inspect the implementation of the interest rate reduction directive at commercial bank branches in their localities.

Subsequently, on 21 May 2026, the SBV continued to issue Official Letter No. 4190/NHNN-CSTT requiring regional SBV offices to hold meetings with commercial bank branches to thoroughly convey the strict implementation of the SBV Governor's Notice No. 117/TB-NHNN dated 10 April 2026 on lowering the interest rate level. At the same time, the SBV required strengthening inspection, supervision and strict handling of violations, if any.

Implementing the SBV Governor's direction, regional SBV offices are actively deploying many solutions to require commercial bank branches in their localities to strictly implement the interest rate reduction policy; reviewing units with deposit and lending interest rate levels significantly higher than the general level in order to conduct thematic inspections. In addition, regional SBV inspectorates have also been directed to incorporate content on inspecting the implementation of interest rate policy into inspection teams under the 2026 plan.

In the coming time, the SBV will continue to closely monitor developments in deposit and lending interest rates in the market as well as at each credit institution; supervise the disclosure of lending interest rates on credit institutions' websites in order to promptly take measures to require strict implementation of the policy of lowering the interest rate level.

At the same time, the SBV will continue to manage monetary policy appropriately, ready to support liquidity for the credit institution system; strengthen inspection, examination, supervision and strict handling of violations in accordance with the direction of the Government, the Prime Minister and the SBV.

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Source: TheLeader — theleader.vn. This article is republished for the purpose of sharing knowledge with the community of founders and investors in the HCM VIF ecosystem.