Reduce the maximum short-term loan interest rate in 2023

The State Bank of Vietnam changes the maximum short-term loan interest rate in Vietnam dong as follows:

- The credit institutions and foreign bank branches (except for people’s credit funds and micro-financial institutions) shall apply the maximum short-term loan interest rate in VND which is 5.0% per annum instead of 5.5% per annum.

- People’s credit funds and micro-financial institutions shall apply the maximum short-term loan interest rate in VND which is 6.0% per annum instead of 6.5% per annum.
 

Decision No. 314/QD-NHNN takes effect on March 15, 2023.

The interest rate applied to credit contracts and loan agreements signed before March 15, 2023 shall continue to be implemented under the signed credit contracts and loan agreements in accordance with the law at the time of contract and agreement signing.

Also on March 14, 2023, the State Bank of Vietnam issues the Decision No. 313/QD-NHNN on the refinancing interest rate, re-discount interest rate, overnight lending interest rate in inter-bank electronic payment and lending to offset the capital shortage in the clearing.

Accordingly, the State Bank of Vietnam shall adjust the interest rates as follows:

- The refinancing interest rate is 6 % per annum as before;

- The re-discount interest rate is 3.5% per annum instead of 4.5% 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, foreign bank branches is 6.0% per annum instead of 6.0% per annum.

Decision No. 313/QD-NHNN takes effect on March 15, 2023.