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Giấy phép số 4978/GP-TTĐT do Sở Thông tin và Truyền thông Hà Nội cấp ngày 14 tháng 10 năm 2019 / Giấy phép SĐ, BS GP ICP số 2107/GP-TTĐT do Sở TTTT Hà Nội cấp ngày 13/7/2022.
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Experts say that rate reductions should be selective, targeting objectives such as subsidized recapitalization or credit guarantees for key sectors including manufacturing, exports, small and medium-sized enterprises, and major infrastructure projects.
In the past two days, nearly 20 banks announced rate reductions. According to PV Tien Phong, from April 10–11, as many as 18 banks announced rate reductions in line with commitments from the State Bank.
Agribank announced a sharp 0.5 percentage point per year cut in deposit rates for terms of 24 months or longer, effective April 13. Agribank was also the first to cut lending rates. Under its internal mechanism, the 24-month deposit rate is used as a reference for medium- and long-term loans, so deposit-rate reductions translate into corresponding loan-rate reductions, helping customers access capital at lower costs.
Vietcombank cut 0.5 percentage points per year for 24-month terms, bringing the maximum lending rate down to 6% per year. With this adjustment, all terms at Vietcombank do not exceed 6% per year, a notable move in a still relatively high-rate environment.
Many other banks joined quickly. Eximbank cut 0.5 percentage points per year for long tenors of 18–36 months, bringing the online highest rate to 5.5% per year. LPBank reduced rates by 0.4–1 percentage point per year across tenors from 6–60 months, with the longest-term rate down to 6.2% per year.
Among private commercial banks, SHB reduced by 0.2–0.4 percentage points depending on the term; TPBank cut by 0.1–0.2 percentage points; and VPBank, KienlongBank, ABBank and SeABank reduced deposit rates across multiple tenors by about 0.2–0.5 percentage points.
Notably, at a State Bank meeting on 9 April, up to 46 commercial banks reached consensus to cut both deposit and lending rates, reflecting strong system-wide alignment in sharing the burden with the economy, particularly as enterprises continue to face financing-cost challenges.
Experts say the rapid rollout of rate-cut pledges is a positive signal, helping set the stage for a clearer wave of rate reductions in the near future. As the cost of funds declines, businesses may have better conditions to expand production and commercial activities, supporting growth.
However, analysts caution that the room for further rate reductions may not be large. While funding pressure has eased, current rate levels are still expected to remain higher than in 2025. The main reason cited is that the banking system’s funding structure cannot keep pace with credit demand, leaving funding-deposit pressures in place.
In this context, flexible policy management by the State Bank of Vietnam and proactive actions by commercial banks are expected to be key to maintaining monetary stability while supporting recovery and development.
In an interview with PV Tien Phong, Dr. Nguyen Van Loc of Phenikaa University said it is necessary to accept a nominally high interest-rate level within a reasonable range to protect the exchange rate and inflation expectations. He added that rate cuts should be selective through targeted programs such as subsidized recapitalization or credit guarantees for key sectors including manufacturing, exports, small and medium-sized enterprises, or important infrastructure projects.
“The challenge for policymakers is balancing macro stability with growth support — a problem not new, but increasingly complex as policy space narrows,” Loc said.
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