At a meeting with the State Bank on the morning of Oct. 19, several banks committed to cutting costs and sharing profits to lower lending rates by at least 1.5–2%. Vietcombank plans credit packages with deeper rate cuts for priority sectors, BIDV will roll out a package of about 100,000 billion dong with terms up to six months and accept about 500 billion dong in lost income, and Sacombank has a preferential program of 40,000 billion dong. Bank leaders said the biggest challenge is keeping deposit rates attractive enough, so room to cut lending rates depends on the supply and demand for capital. Hiệp hội Ngân hàng's Đào Minh Tú said sustainable rate cuts require coordinated fiscal and monetary policy and the development of capital channels outside banks, such as corporate bonds and the stock market.
Summary written by Upside AI from the original article. Read the source for full details.
Original headline: Họp 'nóng' về giảm lãi suất, lãnh đạo các ngân hàng nói gì?
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interest ratesState Bank of Vietnambankscredit
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Related tickers and likely impact
VNINDEX
▲ Likely positiveRelevance: medium
| Market | Vietnam stocks |
|---|---|
| Close on 10/19/2026 | 1,689.84 |
| Change that session | -0.94% |
Impact is scored by AI from the headline and may be wrong. It is not investment advice.
Related news
- Banks cut costs to lower lending rates for priority sectors
State Bank of Vietnam Governor Phạm Đức Ấn chaired a meeting with credit institutions, urging them to cut interest rates to support businesses and help achieve double-digit economic growth targets. Under Official Dispatch No. 9608/NHNN-CSTT, banks must lower listed deposit rates by at least 0.5 percentage points a year for terms of six months or longer, and cut lending rates by 1.5-2 percentage points for production, business and priority sectors. As of the end of last week, mobilised funds rose 11.22% and credit grew 11.44%, while the gap between đồng loans and mobilised funds narrowed from nearly VND2 quadrillion (US$75.75 billion) to below VND1.5 quadrillion. The SBV strictly prohibits lowering credit standards and may cut credit growth quotas for the rest of 2026 and set lower quotas for 2027 for banks violating interest rate rules. Banks are also urged to tighten control over high-risk lending and to classify bad debts accurately.
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Governor Phạm Đức Ấn has asked banks to prioritize rate cuts for production and business loans, applied selectively rather than across the board, and to consider applying them to existing loans. The average lending rate rose 0.2 percentage points to 10.7% in August, about 3 points higher than a year earlier, while legacy floating-rate loans for individuals reached 12-14%, and some car loans 16-17%. Banks were told to cut operating costs, share profits and reduce funding costs, including lowering deposit rates for terms of six months or more by at least 0.5%. Several banks, including BIDV, Vietcombank, Agribank and Sacombank, have announced preferential loan packages with rate reductions of up to 2 percentage points.
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- Outcome of State Bank of Vietnam Governor Pham Duc An's Meeting with Top Leaders of Commercial Banks on the Morning of 19/10
On 19 October 2026, State Bank of Vietnam (SBV) Governor Pham Duc An chaired a meeting with top leaders of commercial banks on implementing operational measures. The SBV said that in the first 9 months of 2026 it ran monetary policy proactively and flexibly; as of 14 October 2026, outstanding credit to the economy reached VND 20,721,583 billion, up 11.44% from the end of last year and 16.73% year-on-year, with a credit growth orientation of 15%. Amid rising international tensions, including the Middle East conflict that pushed up oil prices, several central banks such as the Fed, ECB and BOJ raised rates, strengthening the US dollar. Commercial banks agreed to cut listed deposit rates by at least 0.5% per year for terms of 6 months or more, avoid bidding up deposit rates, and reduce lending rates by 1.5–2% per year, focusing on production, business and priority sectors.
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