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1. Reduce the maximum interest rate applicable to deposits in Vietnam dong
In accordance with the Decision No. 575/QD-NHNN of the State Bank of Vietnam, the maximum interest rate applicable to demand deposits and deposits with term of less than one month shall be from 1.0% per annum to 0.5% per annum.
The maximum interest rate applicable to deposits with a term of one month to less than six months shall be reduced from 6.0% per annum to 5.5%/per annum for People’s credit funds and micro-financial institutions, the maximum interest rate applicable to deposits with a term of one month to less than six months shall be reduced from 6.5% per annum to.
The maximum interest rate applicable to deposits with a term of over six months is based on market supplies and demands.
2. Reduce the short-term loan in Vietnam dong
In accordance with Decision No. 576/QD-NHNN, the State Bank of Vietnam reduces the short-term loan interest in Vietnam dong for the credit institution to satisfy the capital demands in the economic sectors and industries from 5.0%/per annum to 4.5%/ per annum.
People’s credit funds and micro-financial institutions shall apply the maximum short-term loan interest rate in VND which is 5.5 % per annum instead of 6.0% per annum.
3. Reduce the refinancing interest rate
In accordance with Decision No. 574/QD-NHNN on the refinancing interest rate, re-discount interest rate, interest rate of overnight lending in inter-bank electronic payment and lending to offset the capital shortage in the clearing of the State Bank of Vietnam for credit institutions, foreign bank branches
- The refinancing interest rate is 5.5% per annum instead of 6% per annum;
- The refinancing interest rate is 3.5% per annum;
- The overnight lending interest rate in inter-bank electronic payment and lending to offset the capital shortage in the clearing of the State Bank of Vietnam for credit institutions, and foreign bank branches is 6.0% per annum as before.
This Decision takes effect on April 03, 2023.
