Hanoi (VNA) – The State Bank of Vietnam reviseddown its prime interest rates in July and those of short-term loans for priorityfields.
As of June 20, interest rates of one-month, six-month,12-month and 12-36 month deposits stood at 4.7 percent, 5.68 percent, 6.8 percent,7.07 percent, respectively, said the National Financial Supervisory Commission.
Lending rates for five priority fields have dropped to 6.5-6percent per year.
As of late July, credit growth hit 9.3 percent from late 2016and 8.8 percent from the same period last year. Mid and long-term credit fellto nearly 53.9 percent of the total compared to 55.1 percent from late 2016.
Short-term credit accounted for 46.1 percent of the total, higher than44.9 percent recorded in late 2016.
According to the National Financial Supervisory Commission, interest rates arelikely to fall later this year due to domestic and foreign factors. Specifically,the US dollar has dropped 7 percent from early this year while the US’s FederalReserve is not expected to raise interest rates this year.-VNA
The National Financial Supervisory Commission (NFSC) has reported that credit in the first month of the year saw a growth rate of 1 percent, the highest month-on-month increase over the past five years.
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Representatives from 21 commercial banks have gathered in Hanoi to discuss the interest rate, affirming that, so far, they are feeling no pressure on the issue.
After two weeks of lowering lending interest rates for short-term VND loans following the State Bank of Vietnam (SBV)’s cue, several commercial banks have reduced their deposit interest rates.
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Illustrative image (Source: VNA) 
