Vietnam to increase the maximum short-term loan interest rate in Vietnam Dong by 1%

Nguyen Nhu Mai

10:20, 25/10/2022

This is the content of Decision No. 1813/QD-NHNN dated October 24, 2022 on the maximum short-term loan interest rate in Vietnam Dong of credit institutions and foreign bank branches promulgated by the State Bank of Vietnam.

Specifically, the maximum short-term loan interest rate in Vietnam Dong according to Clause 2 Article 13 of Circular No. 39/2016/TT-NHNN is as follows:

+ Credit institutions and foreign bank branches (except for People's Credit Funds and microfinance institutions) shall apply a maximum short-term loan interest rate of 5,5% per year.

(Increased by 1% compared to the rate prescribed in Decision No. 1730/QD-NHNN dated September 30, 2022)

- People's Credit Funds and microfinance institutions shall apply a maximum short-term loan interest rate in Vietnam Dong of 6,5% per year.

(Increased by 1% compared to the previous regulation.)

The applicable interest rate for credit contracts or loan agreements concluded before October 25, 2022 shall continue to be implemented according to such contracts and agreements in compliance with regulations of the law at the time of their conclusion.

Decision No. 1813/QD-NHNN comes into force as of October 25, 2022 and replaces Decision No. 1730/QD-NHNN dated September 30, 2022.

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