SBV interest rate cuts to allay economic difficulties
Interest rate cuts by the State Bank of Vietnam (SBV) and cost savings among credit institutions will pave the way for sustainable lending rate reductions, thus easing difficulties faced by businesses.
Hanoi (VNA) - Interest rate cuts by the State Bank of Vietnam (SBV) andcost savings among credit institutions will pave the way for sustainablelending rate reductions, thus easing difficulties faced by businesses.
Head of the SBV’s Monetary PolicyDepartment Pham Thanh Ha said the latest interest rate adjustment is incompliance with the Prime Minister’s Directive No. 11/CT-TTg dated March 4 and DecisionNo. 15/2020/QD-TTg dated April 24, as well as Government Resolution No. 41/NQ-CPdated April 9.
He said the SBV advocates ensuringliquidity for credit institutions and reducing interest rates after consideringmacro-economic factors, inflation targets, and the operating safety of credit institutions.
The central bank will continue to closelymonitor domestic and foreign market developments to actively and flexiblyadjust monetary policies, thus controlling inflation and propelling economicgrowth.
On May 12, the SBV decided to cut lendingand discount rates, with annual refinancing rates coming down from 5 percent to4.5 percent and discount rates from 3.5 percent to 3 percent.
Ceiling rates on deposits of one to sixmonths fell to 4.25 percent per annum from 4.75 percent, while rates fornon-term deposits and those below one month fell from 0.5 percent to 0.2percent.
𒅌 Short-term lending rates for fivepriority business sectors went down from 5.5 percent to 5 percent per annum./.
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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.
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The event, co-organised by the Vietnam Trade Office in the UK and TT Meridian, a local importer of Vietnamese fresh produce, aims to build a national lychee brand and encourage broader recognition of Vietnamese fruits in a competitive, high-end market.
The industry's performance has been powered by bold investments in modern production lines, enabling Vietnamese firms to produce complicated products which were exclusive to advanced economies.
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This is the second year the magazine has released the ranking, which is based on total revenue and key financial indicators of enterprises from seven countries in the region: Vietnam, Indonesia, Thailand, Malaysia, Singapore, the Philippines, and Cambodia.
At the summit, publishing, tech, and media sectors will discuss emerging trends, business models, and sustainable solutions for digital publishing development in Vietnam.
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Deputy PM Tran Hong Ha urged countries to work together to remove supply chain bottlenecks, expand market access, strengthen cooperation in smart customs procedures, mutually recognise technical standards, and eliminate unnecessary protectionist barriers to boost trade and investment.
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Illustrative image (Photo: VNA) 
