Deputy Governor Pham Thanh Ha of the State Bank of Vietnam said more than 20 banks have announced preferential credit programs cutting lending rates by 1.5–2% per year for production, business and priority sectors. State-owned and foreign commercial banks have cut listed rates by about 0.5% per year, while joint-stock banks have cut by 0.5–0.7%. As of late October, deposit rates on new deposits fell about 0.4% from the previous month and rates on new loans fell 0.2–0.5%. From November 1, the central bank introduced a 6-month VND swap tool to support medium-term liquidity and said it will take measures against credit institutions that fail to follow the rate-cut directive. The Prime Minister has asked the central bank to strengthen supervision to ensure the rate cuts are substantive.
Summary written by Upside AI from the original article. Read the source for full details.
Original headline: Hơn 20 ngân hàng triển khai gói tín dụng ưu đãi, giảm lãi suất 1,5 - 2%
Keywords
interest ratesState Bank of Vietnamcreditbanks
Open a keyword to see other news on the same topic.
Related tickers and likely impact
VNINDEX
▲ Likely positiveRelevance: medium
| Market | Vietnam stocks |
|---|---|
| Close on 11/04/2026 | 1,733.02 |
| Change that session | +1.97% |
Impact is scored by AI from the headline and may be wrong. It is not investment advice.
Related news
- Deputy Governor: New Loan Rates Down 0.2–0.5%
Interest rates on new loans in late October fell 0.2–0.5 percentage points from early in the month, according to Deputy Governor Phạm Thanh Hà at the government press conference on Nov 4. The State Bank of Vietnam asked credit institutions to cut deposit rates by 0.5–1% a year for new deposits with tenors of 6 months or more, and to cut lending rates for production, business and priority sectors by 1.5–2%. State-owned commercial banks and foreign banks commonly cut deposit rates by 0.5%, joint-stock banks cut 0.5–0.7%, and over 20 banks announced preferential credit packages with reductions of 0.5–2%. The regulator will keep pushing cuts to both deposit and lending rates and will address institutions that fail to comply. As of Oct 26, outstanding credit across the economy reached over VND 20.8 million billion, up 11.94% from end-2025.
- Deputy Governor Pham Thanh Ha: SBV Strongly Implementing Measures to Reduce Interest Rate Levels
Deputy Governor Pham Thanh Ha said the SBV will actively manage liquidity and supply capital to the market to support lower interest rates, amid high credit demand and global inflation pressure on rates. The SBV has asked credit institutions to cut deposit rates by 0.5-1% per year for new deposits with terms of 6 months or more and to reduce lending rates by 1.5-2% for production, business and priority sectors. Banks have uniformly cut listed rates by 0.5% per year, actual deposit rates fell about 0.4%, and new loan rates fell 0.2-0.5% compared with early October. More than 20 banks have announced preferential credit programs, and the SBV recently launched a 6-month FX-to-VND swap tool.
- Governor Discusses Interest Rates, Real Estate Credit and Capital for Businesses
State Bank of Vietnam Governor Phạm Đức Ấn said real estate credit grew 9.84%, below overall credit growth of about 12.27%. Deposit rates rose 1.42% while lending rates rose 0.99%, narrowing the gap between them. Short-term deposits make up about 80% of total deposits, but because people frequently roll them over, this funding is relatively stable. Small and medium-sized enterprises still struggle to access bank loans due to small capital, weak resilience and opaque financial information, so the Governor stressed that firms should not keep two different balance sheets for tax and borrowing. The SBV will encourage banks to support firms, including debt restructuring under current regulations.
- Governor: People deposit a lot of money because they trust the banking system
Governor Phạm Đức Ấn explained that credit still carries most of the economy's capital needs because Vietnamese people keep depositing savings, reflecting trust in the banking system, and he expects this balance to shift as capital markets become more attractive. Although short-term deposits make up 80% of total deposits, people roll them over continuously, so deposits function as stable, long-term funding. As of end-August, household deposits reached over 11.43 million billion VND, up nearly 1.1 million billion VND (10.6%) since the start of the year; over the latest five months, net deposit inflows averaged 175,000 billion VND a month, nearly 2.4 times the average of the five months before. After nine months, credit grew 12.27%, deposit rates rose 1.42% while lending rates rose only 0.99%, and real estate lending grew 9.84%. He also urged SMEs to operate more transparently and not keep two balance sheets, so banks can assess their financial health when lending.
- Is the deposit rate cut just a 'pie in the sky'?
About 26 banks have announced cuts to their listed deposit rates since 18/10, yet a Tien Phong survey on 26/10 found that customers with large deposits were still offered rates well above the listed levels, which are commonly 5-6%/year. One state-owned bank advised 8%/year for a 6-month term while its counter table showed 3%/year, and another bank's app displayed 9.0%/year for 6 months against a listed 5.7%/year. On 21/10/2026, the State Bank of Vietnam asked banks to make genuine cuts to deposit and lending rates, with the average rate on new deposits of 6 months or longer to fall by at least 0.5%/year in the final months of the year. Rong Viet Securities (VDSC) expects deposit rates to fall quickly in the short term but finds deep cuts hard in 2027, since the gap between deposits and credit remains large, although it has narrowed from about 2.8 million billion VND to about 2.35 million billion VND.
- Wave of interest rate cuts is gaining momentum
Many banks continue to cut deposit rates and launch preferential lending packages worth tens of thousands of billions of dong, in response to the State Bank of Vietnam's directive to lower interest rate levels. VPBank cut deposit rates by a further 0.4 percentage points for 6–13 month terms, and online deposits under VND 10 billion for 6–11 months now earn 6.6% per year. Sacombank launched a VND 20,000 billion package for individual customers, cutting lending rates by 1.5–2 percentage points, after a VND 40,000 billion corporate program. MSB, VIB and VPBank also have packages of VND 10,000–15,000 billion, with lending rate reductions of 1.5–2 percentage points depending on conditions. Under Official Dispatch No. 9736/NHNN-CSTT dated 21/10/2026, banks must cut average deposit rates for new transactions of 6 months or more by at least 0.5% per year, and non-compliant banks could face penalties, including reduced credit growth targets.
Related markets
Latest news
- 3 Nasdaq-100 Stocks That Can Double, According to Wall Street
The Nasdaq-100 returned 20.6% annually over the last 10 years, compared with 15.5% for the S&P 500. Based on Wall Street's median target prices, consensus estimates suggest all three stocks could double investors' money over the next year, with the highest implied upside at CoreWeave (target of $130 vs. a current $54, or 140%), Nebius Group ($300 vs. $150, 100%) and Alnylam Pharmaceuticals ($317 vs. $158, 100%). CoreWeave's second-quarter revenue rose 112% to $2.5 billion, but interest expense rose 140% and consumed 25% of sales as the company leans heavily on debt. Nebius' second-quarter revenue soared 454% to $582 billion, and SemiAnalysis placed it in the platinum tier in September 2026. Alnylam's third-quarter product revenue rose 52% to $1.2 billion, driven by its TTR franchise.
- Judge Orders Bitcoin Wallet Returned to Family of Convicted Canadian Killer
Nova Scotia Supreme Court Justice John Bodurtha ordered a laptop containing a Bitcoin wallet returned to the family of William Sandeson, who is serving a life sentence for the 2015 murder of Taylor Samson. The judge found the Crown had not proved the cryptocurrency was used in the drug transaction, was proceeds of crime or was otherwise tainted, calling its use in the deal 'hypothetical.' Sandeson has put the wallet's value at about $5,800 to $7,200 (C$8,000 to C$10,000), while a lawyer for Samson's family said it could be worth more than $144,000 (C$200,000). About $3,600 (C$5,000) in cash found in the apartment was ruled offence-related property and will not be returned. Sandeson was convicted of second-degree murder at a 2023 retrial, despite claiming he acted in self-defense, and will be eligible for parole in 2030.
- Will Crypto Rally After the Midterm Elections? If History Is Any Guide, This Happens Next.
Bitcoin has historically performed strongly in the year after midterm elections, rising 1,579% in 2010-11, 24.1% in 2014-15, 44.9% in 2018-19 and 92.1% in 2022-23. Excluding the 2010-11 cycle, when the market was much smaller, Bitcoin gained an average of 54% in the year after midterms, according to CoinDesk. This cycle could differ: Trump has issued executive orders on a Strategic Bitcoin Reserve, Congress passed the Genius Act for stablecoins, but the Clarity Act has not passed, and Democrats are favored to win control of Congress and may demand more concessions from Trump. Bitcoin has typically surged for 12 to 18 months after its four-yearly halvings before falling into a bear market, so the post-midterm gains may partly reflect that pattern rather than the midterms themselves. Crypto remains extremely volatile, making near-term outcomes difficult to predict.
- Justin Sun seeks $264K sanctions over World Liberty's UAE disclosure
Justin Sun is asking the court to impose $263,821.20 in sanctions on World Liberty Financial and its lawyers, accusing the company of a misleading disclosure about its ownership in a dispute over his $45 million WLFI token investment. According to the filing, World Liberty first listed Florida as its sole citizenship, then nearly three months later amended the disclosure to identify 22 individuals and entities in its ownership chain, including parties in the UAE. The amendment came six days after a federal judge questioned the company's bid to move Sun's claims into arbitration. World Liberty later argued that its UAE citizenship deprived the federal court of jurisdiction, while Sun said he plans to refile in California state court once the sanctions motion is resolved, with a hearing set for Dec. 10.
- Wall Street Futures Plunged After Democrats Swept Congress. Then Investors Started Buying Again.
U.S. stock futures fell sharply overnight after Democrats won control of both the House and Senate, with Nasdaq-100 futures dropping as much as 2.4% and S&P 500 futures down 1.4%, as investors worried about tougher AI regulation and data-center spending. The losses faded quickly: by 3:13 a.m. ET, Dow futures were up 237 points, or 0.46%, while S&P 500 and Nasdaq-100 futures gained 0.15% and 0.26%. Shares of Amazon, Alphabet, Microsoft and Meta traded lower on Germany's Tradegate, and Aidan Yao of Amundi Investment Institute said the midterms were more like a referendum on AI than on Trump. Oil rose, with Brent up 0.7% to $104.36 a barrel and WTI up 0.7% to $96.72, as traders watched the Iran war. API data showed U.S. crude inventories fell 5.27 million barrels in the week ending Oct. 30, against expectations of an increase of about 880,000 barrels.
- Wall Street reacts to the stunning election day Blue Wave: winners, losers and those in between
Democrats won majorities in both chambers of Congress, flipping key Senate seats in Texas, Kansas, North Carolina and Ohio and crossing the 218-seat threshold to capture the House. In gubernatorial races, Keisha Lance Bottoms won in Georgia and Gina Hinojosa won in Texas. RBC Capital Markets strategist Lori Calvasina said the results are unlikely to halt the rotation from big-cap growth into small caps, noting that Russell 2000 futures outperformed Nasdaq 100 and S&P 500 futures overnight. She also said S&P 500 gains in the years after midterms tend to be sub-trend, averaging 6.2% in years without a down third or fourth quarter in the midterm year. EvercoreISI analyst Amit Daryanani named APH, ANET, AAPL, CSCO and MSI as names to play defense, citing diversified AI exposure and businesses less dependent on AI.
Get the briefing on Telegram or Zalo
Join the Upside Telegram channel or Zalo group for the Vietnam stocks and gold briefing at 8:00 and 19:00 (Vietnam time) on trading days, plus a weekly wrap on Saturday morning.