Deputy Governor of the State Bank of Vietnam (SBV) Dao Minh Tu provided further details on the direction, mechanism, and expected timeline of the preferential credit package worth 500 trillion VND (about 20 billion USD) to support businesses investing in infrastructure and digital technology, at the Government’s monthly regular press conference on May 6.

Deputy Governor of the State Bank of Vietnam (SBV) Dao Minh Tu speaks at the Government’s monthly regular press conference on May 6.

According to Tu, the credit package was initiated by the Prime Minister in late March, following the positive results of the earlier credit package for agriculture, forestry, and fisheries, which was quickly expanded from its initial 15-trillion-VND scale.

This is a clear and strong directive from the Government, reflecting the strategic focus on two key industries considered essential for sustainable economic growth in the coming period, he stressed, adding that achieving double-digit growth will require infrastructure and digital technology investment to lead the way, backed by long-term investment as the foundation for other industries.

In response to the Prime Minister's directive, the SBV has swiftly coordinated with 21 commercial banks, which have fully committed to the 500-trillion-VND package. The minimum preferential loan term will be two years.

Tu revealed that this package will be funded entirely by domestic commercial banks, not from the State budget or foreign sources.

There must be a clear structure and careful planning to ensure the effective allocation and use of funds, while maintaining the safety of the credit system, he said, noting that coordination with relevant ministries, including the Ministry of Industry and Trade, the Ministry of Construction, and the Ministry of Science and Technology, is needed to clearly identify the sectors, projects, and entities that should benefit from this package.

PM works with joint stock commercial banks on solutions to boost socio-economic growth

Prime Minister Pham Minh Chinh on September 21 chaired a meeting between Cabinet members and leaders of 13 joint stock commercial banks to seek measures to promote national socio-economic development.

Deposit interest rates edge up as banks gear for rising loan demand

More than 10 banks have increased their deposit interest rates by 0.1-0.9 percentage points in the last month, with the highest now for a 12-month period being 6.2%.

Bank loan interest rates down nearly 1 point this year

Banks’ average lending interest rate was 8.3% as of the end of June, down 0.96 percentage points for the year, according to the State Bank of Vietnam.

Banks raise deposit interest rates

Some 20 banks have hiked their deposit interest rates by 0.1-0.9 percentage points in the last month, with the highest for 12-month deposits now being 5.9%.

Central bank works on protecting banking service users

The State Bank of Vietnam (SBV) will research and amend regulations on safety and security in online banking service provision to better protect customers, an SBV official said on July 4.

 

Deposits at Vietnamese banks reach record high of 628 billion USD

Despite low interest rates, bank deposits have reached a new historic peak of 16 quadrillion VND (628.5 billion USD) as of the end of March, according to the latest data from the central bank.