State Bank of Vietnam and Banks Collaborate to Stabilize Deposit and Lending Rates

Strategic Insights -

In a recent conference in Hanoi, the State Bank of Vietnam (SBV) gathered with commercial banks and associations to discuss implementing solutions to stabilize deposit interest rates and reduce loan interest rates. The discussion aimed to support the government's 2025 economic growth target of over 8%. Deputy Governor Pham Thanh Ha emphasized the importance of stable interest rates and reducing loan interest rates to facilitate economic development.

Key Takeaways:

  • The State Bank of Vietnam has actively managed monetary policies flexibly, closely coordinating with fiscal policies and other macroeconomic policies to achieve the economic growth target.
  • As of July 29, 2025, the whole system credit increased by 9.8% compared to the end of 2024 and increased by 19.75% over the same period, with a remarkable increase in the past few years.
  • The deposit interest rate continues to be stable, while the lending interest rate continues to decrease, with the average loan interest rate for new transactions arising at 6.53%/year, down about 0.4%/year compared to the end of 2024.
  • Banks have committed to maintaining low interest rates to support economic growth, remove difficulties for customers, and accompany the government.
  • The State Bank of Vietnam has committed to stabilizing operating policies, liquidity, and forecasting ability, meeting the requirements of the banking system.
  • Banks are required to implement Directive 01 on key tasks in 2025, contributing to stabilizing macroeconomic and controlling inflation.
  • Urgent solutions are needed to stabilize and reduce deposit interest rates, lending interest rates, promote operating costs, technology application, and profit sharing to reduce lending rates.
  • Commercial banks, especially state-owned commercial banks, are expected to play a pioneering role in stabilizing interest rates.

Statistics:

  • As of July 29, 2025, the whole system credit increased by 9.8% compared to the end of 2024 and increased by 19.75% over the same period.
  • The average deposit interest rate for new transactions of commercial banks was at 4.18%/year, stable compared to the end of 2024.
  • The average loan interest rate for new transactions arose at 6.53%/year, down about 0.4%/year compared to the end of 2024.
  • The market capitalization of commercial banks accounted for over 70% of the capital mobilization market share and 67% of the credit market share.

Sources:

  • VGP/HTO
  • VGP
  • Deputy Governor Pham Thanh Ha
  • State Bank of Vietnam (SBV)
  • Vietcombank
  • Agribank
  • BIDV
  • Contify.com