The State Bank of Vietnam (SBV) will adjust its benchmark interest rates from May 13 in an attempt to support an economy hurt by the COVID-19 outbreak.
Benchmark interest rates will be adjusted from May 13 (Photo: VNA)
Hanoi (VNA) - The State Bank of Vietnam (SBV)will adjust its benchmark interest rates from May 13 in an attempt to support aneconomy hurt by the COVID-19 outbreak.
It will reduce the benchmark refinance rate to 4.5percent per annum from 5 percent and the discount rate to 3 percent per annumfrom 3.5 percent, it said in Decision 918/QD-NHNN released on May 12.
The overnight lending rate in the inter-bank market willbe lowered to 5.5 percent per annum from 6 percent and the open-market-operation(OMO) rate to 3.0 percent per annum from 3.5 percent.
The central bank also issued two new decisions, under whichthe caps on the interest rates of some types of Vietnam dong-denominateddeposits and short-term loans will be reduced by 0.3 to 0.5 percentage points,depending on the maturity.
The bank said the COVID-19 pandemic has been a complexdevelopment resulting in a global economic crisis and cited the fact that manyforeign governments have adopted economic stimulus policies, one of which ispolicy rate cuts from central banks.
The rate cut is also in line with guidelines from theGovernment on removing difficulties for production and business operations and ensuringsocial welfare, it noted./.
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Governor of the State Bank of Vietnam (SBV) Le Minh Hung has called on commercial banks to urgently simplify lending procedures to help COVID-19-affected firms easily access preferential interest rate loans.
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The World Bank (WB) has issued an update on Vietnam’s macro-economy for May, in which it said the economy may prosper again after social distancing measures were eased nationwide on April 23.
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The Prime Minister emphasised the significance of maintaining macroeconomic stability, controlling inflation, promoting growth, and improving the harmony between monetary and fiscal policies.
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More than a product showcase, Vietfood & Beverage – Propack Vietnam 2025 is designed as a comprehensive ecosystem where businesses, experts, and consumers can share knowledge, explore technologies, and connect for collaboration.
Both sides expressed their hope that the outcomes of the discussion will continue to improve the efficiency of customs clearance activities at the customs clearance points and dedicated transport routes of the Huu Nghi – Youyi Guan international border gate pair.
The maximum retail price of E5 RON92 petrol has increased by 207 VND to 19,608 VND (0.75 USD) per litre while that of RON95-III rose by 234 VND to 20,074 VND per litre.
Benchmark interest rates will be adjusted from May 13 (Photo: VNA) 
