Vietcombank Chairman Nguyễn Thanh Tùng said the bank commits to cutting lending rates by at least 2% from now until year-end to help businesses access capital, speaking at a National Assembly session on October 17 on the draft Law on Development of Small and Medium-sized Enterprises. He noted that SMEs account for about 98% of Vietnamese businesses but only about 20% of total outstanding credit, so support should target sectors with growth potential and the ability to link with large enterprises rather than be spread thinly. Responding to delegate Nguyễn Văn Thân's proposal to pilot one or two independent digital banks, he said digital banks do not necessarily have cheaper funding, and that complete, standardized and shared data is a prerequisite, so the model should be studied carefully.
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Original headline: Chủ tịch Vietcombank: Ngân hàng cam kết từ nay tới cuối năm sẽ giảm tối thiểu 2% lãi suất cho vay
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Related tickers and likely impact
VCB
▲ Likely positiveVietcombank
Relevance: medium
| Market | Vietnam stocks |
|---|---|
| Exchange | HOSE |
| Sector | Banks |
| Market cap | 475,438 bn VND |
| P/E | 11.4 |
| P/B | 1.94 |
| Close on 10/16/2026 | 56.90 |
| Change that session | +0.71% |
Impact is scored by AI from the headline and may be wrong. It is not investment advice.
Related news
- Vietcombank Chairman commits to cutting lending rates by at least 2%
Vietcombank Chairman Nguyen Thanh Tung said the bank commits to cutting lending rates by at least 2% from now until year-end to support businesses, speaking at a National Assembly group discussion on 17 October on the draft Law on Small and Medium Enterprise Development. SMEs make up about 98% of Vietnamese businesses but account for only about 20% of total outstanding credit, and Tung argued that a blanket support scheme could be scattered and ineffective, so resources should target sectors with growth potential. Credit institutions had earlier agreed to cut lending rates by 1.5-2%, and BIDV announced a cut of up to 2% a year on short-term VND loans from 15 October. The average lending rate in August was 10.7%, up 0.2 percentage points from the previous month and about 3 points from a year earlier. An SME association chairman proposed piloting one or two independent digital banks to cut operating costs, while Tung said such models require complete, standardized and shared data.
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On October 19, Nam A Bank cut its interest rates in line with directives from the Government and the State Bank of Vietnam: listed deposit rates for terms of 6 months and longer fall by 0.5% per year, and lending rates drop by 1.5–2% per year. The bank will prioritize credit for agriculture, rural areas, exports, SMEs, supporting industries and high-tech enterprises. CEO Trần Khải Hoàn said the call to lower rate levels is an important message on market discipline and stressed that sustainable growth must rest on asset quality, risk management and liquidity safety. He added that Nam A Bank does not use interest rates to attract customers, relying instead on its corporate culture.
- Outstanding credit as of October 14 tops 20.7 million billion dong; banks agree to cut lending rates after meeting with the State Bank on the morning of October 19
As of October 14, 2026, outstanding credit to the economy reached 20,721,583 billion dong, up 11.44% from the end of last year and 16.73% year-on-year. On the morning of October 19, State Bank of Vietnam (SBV) Governor Phạm Đức Ấn met with chairs and CEOs of commercial banks, and the banks agreed to cut interest rates. Specifically, listed deposit rates for terms of 6 months or more will fall by at least 0.5%/year, while lending rates will drop by 1.5–2%/year, focusing on production, business and priority sectors. The backdrop includes Middle East conflict driving up oil prices, several major central banks raising rates and a stronger US dollar, all of which pressure Vietnam's monetary policy. The SBV also asks banks to channel credit into production and business while tightly controlling lending to risky sectors, including real estate.
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On 19/10/2026, Governor Phạm Đức Ấn chaired a meeting with deputy governors, the Association of Banks and leaders of 46 commercial banks on banking operations. He said that as of last weekend, deposit mobilization had grown 11.22% and credit 11.44%, and the VND gap between loans and deposits had narrowed to below 1.5 quadrillion dong from nearly 2 quadrillion. Dispatch No. 9608/NHNN-CSTT requires credit institutions to cut listed deposit rates by at least 0.5% per year for terms of six months or more, and to reduce lending rates by 1.5–2% per year for production, business and priority sectors. Cuts must match each bank's financial capacity, be tied to cost reductions and profit sharing, avoid across-the-board moves, and apply to both existing and new loans.
- This morning (19/10): State Bank Governor Phạm Đức Ấn meets with chairpersons and CEOs of commercial banks
On the morning of 19 October, Governor Phạm Đức Ấn chaired a meeting with commercial banks at the State Bank of Vietnam, requiring chairpersons and CEOs to attend in person rather than send deputies. As of the end of last week, deposit mobilization rose 11.22% and credit grew 11.44%, indicating faster capital demand. The governor said the stable exchange rate supports confidence in the dong and continued foreign investment, even as several major economies raise interest rates to fight inflation. Banks were told to cut deposit rates for terms of 6 months and above by at least 0.5% a year and to reduce lending rates for production and priority sectors by 1.5–2%, while avoiding unhealthy rate competition.
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