State Bank of Vietnam cuts some interest rates

Accordingly, the interest rate of compulsory reserves in VND at banks will be 0.5% per annum, and the interest rate on dong deposits from banks that exceed the minimum 3% requirement will be zero percent per annum, down 0.5% compared to the rates stipulated in a decision on March 16 this year.

Meanwhile, the interest rate for deposits in VND by the Vietnam Development Bank (VDB) and Vietnam Bank for Social Policies (VBSP), both state-owned banks; People's Credit Funds and microfinance institutions will be reduced by 0.2% to 0.8% per annum.

The interest rate for deposits of the State Treasury, and the Deposit Insurance of Vietnam with the SBV is revised down to 0.8% per annum, down 0.2%.

The SBV said the adjustment was made based on macro-economic developments and the level of interest rates in the market.