The State Bank of Vietnam to reduce the maximum interest rates of short-term loans in VND from June 19, 2023

Tran Thanh Rin

16:20, 17/06/2023

On June 16, 2023, the State Bank of Vietnam issuedDecision 1125/QD-NHNN on maximum interest rates of short-term loans in Vietnamese dong granted by credit institutions and foreign bank branches to meet borrowers' funding demand in certain business sectors according to a href=" https://lawnet.vn/vb/Thong-tu-39-2016-TT-NHNN-hoat-dong-cho-vay-cua-to-chuc-tin-dung-chi-nhanh-ngan-hang-nuoc- outside-52BBD.html" class="green-text" target="_blank" >Circular 39/2016/TT-NHNN.

The State Bank of Vietnam to reduce the maximum interest rates of short-term loans in VND from June 19, 2023

According to Decision 1125/QD-NHNN, the maximum interest rates of short-term loans in Vietnamese Dong (VND) according to Clause 2 Article 13 of the Circular 39/2016/TT-NHNN dated December 30, 2016 are as follows:

- Credit institutions and foreign bank branches (except people’s credit funds and microfinance institutions) shall grant short-term loans in VND with the maximum interest rate of 4,0%/year.

(This interest rate is 0.5% lower than the interest rate specified in Decision 576/QD-NHNNdated 31/3/2023).

- People’s credit funds and microfinance institutions shall grant short-term loans in VND with the maximum interest rate of 5,0%/year.

(In Decision 576/QD-NHNN dated 31/3/2023, the People’s credit funds and microfinance institutions shall grant short-term loans in VND with the maximum interest rate of 5,5%/year.

Note: The interest rates agreed upon in credit contracts or loan agreements which have been signed before the effective date of Decision 1125/QD-NHNN in accordance with regulations of laws in force at the date of signing of such credit contracts or loan agreements shall remain valid.

Decision 1125/QD-NHNN takes effect from June 19, 2023 and replaces Decision 576/QD-NHNN dated March 31, 2023 on maximum interest rates of short-term loans in vietnamese dong granted by credit institutions and foreign bank branches to meet borrowers' funding demand in certain business sectors according to Circular 39/2016/TT-NHNN.

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