This post is also available in: Tiếng Việt (Vietnamese)
The State Bank of Việt Nam (SBV) has announced it would cut many key interest rates, starting from 13/5, in an attempt to support the economy which has been hurt by the COVID-19 outbreak.
Implementing the Government’s guidelines and direction, the Prime Minister implemented tasks and solutions to overcome difficulties for production and business, ensuring social security in response to Covid-19 in Directive 11. / CT-TTg dated March 4, 2020 and Resolution 41 / NQ-CP dated April 9, 2020, in accordance with macroeconomic developments, domestic and foreign markets, the State Bank of Vietnam (SBV) ) The decision to adjust the interest rates, effective from May 13, 2020, is as follows:
Decision No. 919 / QD-NHNN dated May 12, 2020 on the maximum interest rate for Vietnamese Dong deposits (VND) of organizations and individuals at credit institutions and foreign bank branches ( Credit institution) as per the Circular No. 07/2014 / TT-NHNN dated March 17, 2014. Accordingly, the maximum interest rate for demand deposits and terms with less than 1 month decreased from 0.5% / year to 0.2% / year; The maximum interest rate for deposits with terms from 1 to less than 6 months decreased from 4.75% / year to 4.25% / year; The maximum interest rate for deposits with terms from 1 to less than 6 months at People’s Credit Funds (PCF), Microfinance Institutions (MFIs) decreased from 5.25% / year to 4.75% / year;