Although many banks have announced lower lending rates, several businesses say existing loans have not been repriced and new borrowing remains difficult. Phạm Thái Bình, Chairman of Trung An High-Tech Agriculture JSC, a rice-export enterprise, said implementation is the real issue, as lending rates have at times reached about 10% per year and some banks favor large projects. Thắng Lợi Tea Cooperative in Thái Nguyên needs about VND 15 billion to expand but lacks complete sales invoices, and fears that a 6% preferential rate lasting only briefly would later float higher, preferring stable rates for 3-5 years. Hoàng Văn Vinh, General Director of V.A. Ekaterinburg Investment Co., said some floating-rate loans have risen above 11% per year and he has seen no cuts on existing debt. The State Bank Governor, Phạm Đức Ấn, has met 46 banks on implementing the cuts.
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Original headline: Doanh nghiệp nặng nợ cũ không mặn mà gói vay mới dù lãi suất giảm
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interest ratescreditState Bank of VietnamVietnam
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Related tickers and likely impact
VNINDEX
• NeutralRelevance: low
| Market | Vietnam stocks |
|---|---|
| Close on 10/20/2026 | 1,691.97 |
| Change that session | +0.13% |
Impact is scored by AI from the headline and may be wrong. It is not investment advice.
Related news
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According to VnExpress's tally of 30 banks, average lending rates kept rising in September, with OCB highest at 11.38% a year, followed by Techcombank (11.24%), TPBank (11.03%) and BVBank (11%). Other private banks mostly quoted 10.2-10.8%, VIB, ACB, PVcomBank and several others were around 9-9.8%, while BIDV and Agribank were at 7.73% and 8.42%. On October 18, the State Bank of Vietnam asked banks to cut lending rates by 1.5-2 percentage points for production, business and priority sectors, and to lower deposit rates for terms of 6 months or longer by at least 0.5 points. Banks that do not comply may face measures, including reduced or lowered credit growth targets. The August average lending rate was 10.7%, 1.7 points above late last year.
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As of October 20, 15 of Vietnam's 46 commercial banks had cut their average lending rates by 1.5–2% on the State Bank of Vietnam's directive. Some banks now offer average lending rates as low as 4.1% per year.
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