More than 20 banks cut deposit rates after meeting with SBV governor

More than 20 commercial banks in Vietnam have started lowering their listed deposit rates, a move that Deputy Governor of the State Bank of Vietnam (NHNN) Pham Thanh Ha said is intended to support businesses and households and create room for further reductions in lending rates.

Deposit-rate cuts and NHNN guidance

Speaking at a press conference in Hanoi on 14 April to announce first-quarter 2026 banking results, Mr. Ha said over 26 commercial banks have adjusted listed deposit rates downward by 0.1% to 0.5% per year.

NHNN has also required credit institutions to publish transparent information on lending rates. On 30 March, NHNN issued a directive asking credit institutions to stabilize market interest rates. At a 9 April meeting chaired by the SBV Governor, commercial banks agreed to lower interest rates, and Mr. Ha said more than 20 banks have implemented the reductions following the meeting.

Macroeconomic backdrop and monetary policy stance

Mr. Ha said that in the early months of 2026, the global economy remained volatile, with unpredictable risks. He cited geopolitical tensions, particularly the escalation of the Middle East conflict, which pressured commodity markets and international financial markets. Higher oil prices, disrupted supply chains, and a tightening monetary stance pushed the US dollar higher, putting pressure on emerging economies including Vietnam.

In response, NHNN said it has actively and flexibly managed monetary policy while coordinating with fiscal policy to keep inflation at about 4.5% in 2026 and support economic growth.

Vietnam’s Q1 2026 economic and inflation figures

Despite external challenges, Vietnam’s economy recorded positive results in Q1 2026. GDP rose 7.83% year on year, compared with 7.07% in Q1 2025. Inflation was controlled, with CPI up 3.51%, while core inflation rose 3.63%.

On policy rates, NHNN kept the main policy rates unchanged to facilitate access to low-cost funding for credit institutions.

Credit growth and disbursement of key programs

Credit across the system continued to expand. As of 31 March, outstanding credit stood at over 19.18 quadrillion dong, up 3.18% from the end of 2025. NHNN targets credit growth of about 15% this year, with adjustments as appropriate.

Banks also accelerated disbursement for several priority programs, including forestry and fisheries credit, high-quality rice development in the Mekong Delta, social housing loans, and credit for infrastructure and digital technology.

Agriculture, forestry and fisheries

NHNN said the agriculture, forestry and fisheries credit program has been expanded four times, from 15,000 billion to 185,000 billion dong. According to Ha Thu Giang, head of the Credit for Economic Sectors Department, the scope was broadened and the target achieved, with cumulative disbursement surpassing 185,000 billion dong.

Social housing loans under Resolution 33

Under the Resolution 33 social housing loan package, especially for people under 35, by the end of February 2026 banks had committed nearly 22,000 billion dong and disbursed about 9,600 billion dong, up 2,000 billion dong from the end of 2025.

Of the disbursed amount, 8,100 billion dong went to 53 projects and 1,500 billion dong to buyers in 36 projects; for young borrowers, around 259 billion dong. While initial bottlenecks remained, disbursement progress improved over time.

Infrastructure, electricity, transportation and technology

After more than two months, the infrastructure, electricity, transportation, and technology credit program had signed financing for 8 projects, with total commitments of around 71,000 billion dong and disbursement of more than 7,000 billion dong. Another 23 projects were under appraisal.

High-quality, low-emission rice in the Mekong Delta

For the high-quality, low-emission rice program in the Mekong Delta, after nine months disbursement reached about 3,600 billion dong, with Agribank accounting for 57%.

Green credit expansion

NHNN reported that as of end-2025, green credit outstanding reached nearly 780,000 billion dong, up 14.62%, accounting for 4.19% of total credit in the economy.

Outlook

NHNN said it will continue to closely monitor market developments and conduct monetary policy flexibly to contribute to macroeconomic stability and support growth in the period ahead.