State Bank of Vietnam Governor Phạm Đức Ấn has asked lenders to consider interest-rate reductions on outstanding loans as well as new borrowing. He emphasized support for production, business activity and priority sectors at a meeting on 19 October.
Existing borrowers included in the review
The governor said reductions should target appropriate borrowers rather than apply uniformly. Considering existing balances is intended to ease financial costs for operating businesses while also supporting new funding needs.
He asked banks to cut operating expenses, share profits and reduce funding costs to create room for meaningful lending-rate reductions.
The direction broadens consideration to existing loans, but it does not set an automatic identical reduction for every contract. Eligibility and application remain connected with each institution's programme and conditions.
Banks announce individual packages
BIDV introduced short-term dong lending from 6% annually, up to two percentage points below ordinary rates, focused on priority industries and sectors.
Vietcombank committed to a minimum two-percentage-point lending-rate reduction through year-end to support businesses. Agribank announced cuts of up to two percentage points from 19 October for production, business customers and priority sectors.
Sacombank presented a VND40 trillion corporate package with a two-percentage-point reduction, targeting domestic producers, import-export companies and foreign-invested enterprises. These amounts and reductions describe separate bank programmes rather than a single system-wide rate schedule.
The central bank said it would monitor deposit and lending rates and their publication on bank websites while strengthening supervision of funding and credit activities. It also indicated readiness to provide liquidity support when needed as policy responds to market developments.