On August 4, 2025, in Hanoi, the State Bank of Vietnam (SBV) held a meeting under the chair of SBV Deputy Governor Pham Thanh Ha to disseminate the solutions for stabilizing the deposit interest rates and reducing the lending interest rates.
Delivering his opening speech, Deputy Governor Pham Thanh Ha shared that, having followed the directions of the Government and the Prime Minister on reducing the lending interest rates to achieve the economic growth target of 8% or higher in 2025, and the directions of the SBV Governor in Directive No. 01/CT-NHNN dated January 20, 2025, since the beginning of the year, the SBV has operated the monetary policy in a proactive, flexible and effective manner, in collaboration with the fiscal policy and other macro policies, thereby contributing to promoting the economic growth, maintaining the macroeconomic stability, controlling the inflation, and ensuring the major balances of the economy.
Specifically, the SBV has directed the credit institutions to implement synchronous solutions to stabilize the deposit interest rates, reduce the lending interest rates, thereby creating favorable conditions for businesses and the people to access the credit resources. In February 2025, the SBV also organized a meeting to disseminate the Prime Minister's directions on stabilizing the deposit interest rates and reducing the lending interest rates for the credit institutions. At that meeting, the credit institutions had committed to maintaining stable deposit interest rates, ensuring a healthy competition in the capital mobilization; promoting a safe credit growth, applying the digital transformation solutions, minimizing the operational costs, and sharing a portion of their profits to reduce the lending interest rates
According to the Deputy Governor, the economy has continued to maintain its growth momentum, with the GDP in the first 6 months of 2025 increasing by 7.52%, the highest increase in the first 6 months of the 2021-2025 period. The inflation is under controlled, with an average rate of 3.27% for the first 6 months of 2025, in line with the National Assembly's target. The money and foreign exchange markets remained stable. The credit growth had experienced positive results right from the beginning of the year. As of July 29, 2025, the total credit outstanding of the whole banking system had increased by 9.8% as compared to that of the end of 2024, up by 19.75% over the same period of 2024. The deposit interest rates had continued to be relatively stable, while the lending interest rates had continued to experience a downward trend in comparison with those of the end of 2024.
An overview of the meeting
The Deputy Governor emphasized that the interest rate developments have received very close attention and strong instructions by the Prime Minister. Recently, the Prime Minister has assigned the SBV to continue to closely monitor the stabilization of the deposit interest rates and the reduction of the lending interest rates by the credit institutions, thereby working out appropriate solutions. Accordingly, the SBV has organized a meeting with the credit institutions to disseminate the information and to request the credit institutions to seriously implement the directions of the competent authorities on stabilizing the deposit interest rates, striving to reduce the lending interest rates, contributing to supporting the economic recovery and development.
The SBV Deputy Governor also requested the meeting’s participants to focus their discussions on the business results, the credit and interest rates situations,... at the commercial banks over the past time; the specific solutions for stabilizing the deposit interest rates and reducing the lending interest rates in the coming time; and proposing possible solutions to effectively implement the interest rate reduction policy of the Government and the SBV.
HY