Striving to reduce lending interest rates, tighten credit for bonds and real estate in Vietnam

Nguyen Nhu Mai

17:55, 27/12/2022

On December 22, 2022, the State Bank of Vietnam issued < Official Dispatch 9064/NHNN-TD on credit and interest rates in the near future.

According to Official Dispatch 9064/NHNN-TD, the State Bank of Vietnam requires credit institutions and foreign bank branches to do the following:

- Strictly control credit risk in corporate bond investments as well as potentially risky fields such as investment, securities trading, and real estate.

Provide credit specifically for real estate investment and business, which controls credit concentration on a few large customers or customer groups, large-scale projects, high-end segments, and so on.

- Continue to promote the implementation of the interest rate support program under Decree 31/2022/ND-CP and Circular 03/2022/TT-NHNN.

- Continue to reduce operating costs, administrative procedures, and unnecessary expenses to have room to strive to reduce lending interest rates according to the provisions of Resolution 43/2022/QH15 dated January 11, 2022 of the National Assembly of Vietnam, specifically:

Resolution 43/2022/QH15 states that credit institutions in Vietnam will continue to reduce operating costs to strive to reduce lending interest rates by about 0.5%–1% in 2022 and 2023 especially for priority fields.

More details can be found in Vietnam's Official Dispatch 9064/NHNN-TD dated December 22, 2022.

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