News about State Bank of Vietnam

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.

On Monday, Vietcombank raised its dollar selling rate to VND26,100, up 0.08% from the weekend level, while the State Bank of Vietnam cut its reference rate by 0.02% to VND25,633, according to VnExpress. The dollar was trading near VND26,000 at unofficial exchange points. In international markets, the dollar index stood at 101.83, and the euro fell 0.1% to $1.1225 in early Asian trade, which Reuters linked to violent protests in France. The dollar traded at about 158 yen, the pound held at $1.3329, and the Australian dollar gained 0.3% to $0.6965.

Following directives from the Government and the State Bank of Vietnam, Agribank, Vietcombank, BIDV, ACB, LPBank and VietBank have simultaneously launched lending rate cut programmes, typically by 1.5-2 percentage points for priority sectors. Agribank will cut lending rates by up to 2% a year from October 19, with about VND 2,000 billion allocated, and continues a VND 70,000 billion preferential credit package. BIDV's preferential programme, starting October 15, 2026, offers loans from 6% a year on short-term VND lending across its system. Vietcombank has committed to cutting rates by at least 2% by year-end, while Sacombank will allocate VND 40,000 billion in preferential capital with a 2% reduction. VietBank is rolling out a VND 3,000 billion package with cuts of at least 1.5% a year until June 30, 2027.

LPBank is rolling out a system-wide program to cut deposit and lending rates from October 19 to December 31, 2026, in line with directives from the Government and the State Bank of Vietnam. The bank will lower listed deposit rates by 0.5–0.6% per year for tenors of 6 months or more and by 0.05–0.1% per year for shorter tenors. It will also cut lending rates by 1.6–2% per year on new disbursements for short-term production and business loans, targeting individuals, household businesses, micro-enterprises and agriculture and rural areas. The move follows a meeting chaired by Deputy Prime Minister Nguyễn Văn Thắng on October 16, 2026, and the SBV's October 18, 2026 directive asking credit institutions to cut lending rates and reduce operating costs.

According to PGS.TS. Trần Hoàng Ngân, the State Bank's call to cut listed deposit rates by at least 0.5% per year for tenors of 6 months or more, and lending rates by 1.5–2% per year, is a boost for businesses at year-end. Outstanding credit to the whole economy exceeded 20.72 million billion VND as of October 14, 2026, up 11.44% from end-2025. On October 18, 2026, the SBV issued Official Dispatch No. 9608/NHNN-CSTT directing credit institutions to cut rates and costs, avoid deposit rate hikes and not lower credit standards. Some banks moved quickly: BIDV offered short-term VND loans from 6% per year from October 15, 2026, while Vietcombank committed to cut lending rates by at least 2% per year until year-end.

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.

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.

Maybank says lending rates may have peaked after a 16 October meeting in which a deputy minister and banks pledged to cut priority-sector lending rates by 150-200 basis points. The State Bank also asked banks to cut deposit rates for 6-month and longer terms by at least 50 basis points, and BIDV, Vietcombank and Agribank pledged 200 basis point loan cuts through the end of 2026. However, reductions will be uneven across sectors, the conditions for the loan packages have not been disclosed, and a sustainable broad decline to a reasonable level of around 7-10% would require lower capital costs across the system. Longer term, based on Maybank's review of past rating upgrades, achieving investment-grade status could cut Vietnam's foreign borrowing costs by 150-250 basis points, and Maybank expects the upgrade to be accelerated in 2027.

On the morning of 19 October, domestic gold prices were flat, with SJC gold bars quoted at 140.6 million dong to buy and 143.6 million dong to sell per tael at major dealers such as Sài Gòn and Doji. Phú Quý's SJC bars traded at 140–143.6 million dong and its gold rings at 140–143 million dong, while Bảo Tín Minh Châu's rings were at 138.7–142.7 million dong, up 100,000 dong from the previous session. International gold hovered around US$4,184 per ounce, equivalent to about 131.5 million dong per tael at the Vietcombank rate, leaving a gap of roughly 12 million dong with SJC bars. The State Bank's central rate stood at 25,633 dong per US dollar, down 4 dong.

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.

At the State Bank of Vietnam's meeting with top commercial bank executives on the morning of 19/10, ACB General Director Từ Tiến Phát said the bank would immediately implement the government's and central bank's directives. ACB will cut rates on its deposit rate table from today, effective the next day, and launch a special lending program reducing loan rates by 1.5% to 2% for businesses. He said its earlier program, a 1% rate cut, had disbursed about VND 5,000 billion so far. He described the central bank's warning that non-compliant banks could face reduced credit growth targets as a strong message that reinforces market discipline. He also expressed confidence that the State Bank will keep monetary policy flexible to support the system.

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.

The State Bank of Vietnam has instructed commercial banks to cut deposit interest rates by at least 0.5 percentage points, according to Dan Tri. Banks must lower listed annual rates for deposits of six months or longer by at least 0.5 points and cut lending rates for production, business and priority sectors by 1.5 to 2 points. They are also directed to steer credit toward science and technology, digital transformation, green development and education, while tightening lending in high-risk areas, particularly real estate. Banks must also mobilize resources, cut operating costs and share profits to help bring down overall interest rates.

The State Bank of Vietnam (NHNN) has issued Document No. 9608/NHNN-CSTT dated 18/10/2026, directing credit institutions to strictly follow government and central bank interest rate directives and avoid unfair competition. Institutions that fail to comply before the end of 2026 may have their remaining 2026 credit growth targets reviewed, receive a lower credit growth target for 2027, or be required to meet higher safety ratios than prescribed. Immediately, credit institutions must cut listed deposit rates for terms of 6 months or longer by at least 0.5% per year and reduce lending rates by 1.5-2% per year, focusing on production, business and priority sectors. They are also asked to cut costs, share profits and avoid aggressive deposit rate hikes.

The State Bank of Vietnam has directed commercial banks to cut deposit rates by at least 0.5 percentage points for terms of six months or longer, and to lower lending rates for production, business and priority sectors by 1.5 to 2 percentage points, according to a Dan Tri report. The central bank also asked lenders to direct credit toward key economic projects and priority sectors such as science and technology, digital transformation, green development and education, while tightening lending in high-risk areas, particularly real estate. Banks were further instructed to mobilize resources, cut operating costs, share profits and take coordinated steps to bring down overall interest rates.

From 19/10/2026, Agribank will cut lending rates by up to 2.0% per year versus its usual rates, focusing on priority sectors and production and business customers. It is also continuing a 70,000 billion VND preferential credit program running from August 2026 to 2028 for small and medium enterprises, priority sectors and new growth drivers, with rates 1–2% per year below its average same-term lending rate. Agribank expects to set aside about 2,000 billion VND to share capital costs. The move follows a State Bank of Vietnam directive dated 18/10/2026 (No. 9608/NHNN-CSTT), which asks credit institutions to cut listed deposit rates by at least 0.5% per year for terms of six months or more and reduce lending rates by 1.5–2% per year for production, business and priority sectors.

The deputy prime minister urged the State Bank of Vietnam (SBV) to swiftly cut lending rates by 1.5–2 percentage points for production, business and government-prioritized sectors, while keeping financial stability and inflation under control. The push comes as the average lending rate reached 10.7% in August, up 0.2 percentage points from July and around three percentage points from a year earlier; personal loans reached 17–18%, and some banks' deposit rates neared 10%. Small and medium-sized businesses said they still struggle to access preferential credit, and one food business owner repaid a 9–10% loan but was quoted 13–14% for a new one. The government also ordered tighter supervision over bad debts, risky real estate lending, cross-ownership and banking misconduct, requiring banks to publicly disclose lending rates and facing penalties for noncompliance. BIDV launched short-term dong loans from six percent a year on October 15, and Vietcombank pledged to cut lending rates by at least two percentage points a year through the end of 2026.

The State Bank of Vietnam has instructed banks to cut savings deposit rates by at least 0.5% for terms of 6 months or longer, and lower lending rates for production, business and priority sectors by 1.5–2 percentage points, or face tighter credit growth quotas. In a document dated October 18, the regulator said listed top savings rates had climbed to 7.6–7.8% a year since late April, while preferential rates at many banks reach 8.5–9.5% a year. Non-compliant banks could see their remaining credit limits for the year reviewed, receive lower targets next year, or face higher safety ratios. Banks are also told to prioritize lending to production and innovation, tightly control high-risk credit, report asset quality honestly without hiding bad debt, and balance deposit mobilization with capital use.