Interest rates kept stable in first half of 2018
Updated : Thursday, June 14, 2018 3:34 PM (GMT+0700)

Theinterest rates were kept stable in the first six months of 2018 while the lendingrates for priority fields have decreased.

The interest rates were kept stable in the first six months of 2018 - Photo: VNA

The information was revealedat a meeting to review the banking activities in the first half of 2018 in HoChi Minh City on June 13.

State and commercial bankscut about 0.5 percent per year in interest rates for consumers with goodcredibility.

At current, interest ratesof short-term loans stand at 6-9 percent while those of mid- and long-termloans are about 9-11 percent. Those with high credibility and financialcapability could enjoy rates of 4-5 percent per year. 

According to Vice Governorof the State Bank of Vietnam (SBV) Nguyen Thi Hong, to ensure the liquidity ofcredit organisations and stabilisation of the monetary and forex market, thecentral bank will focus on the flexible management of open market operations inline with market developments and available capital of credit organisations.

The bank will make it easierfor credit organisations to reduce lending rates on the basis of ensuring safeoperations, financial health and reducing bad debts. 

Head of the SBV’s MonetaryPolicy Department Pham Thanh Ha said the restructuring of credit organisationscontinues to be stepped up this year.

At present, commercial bankshave basically built restructuring plans in association with dealing with baddebts, he said.

The inspection of banks hasbeen increased to prevent, detect and resolutely address risks and violationsof credit organisations, he added.

Apart from improving legalfoundation, the SBV has enacted numerous measures to boost non-cash payment andencourage credit organisations to apply technology in payment technicalinfrastructure, strengthen security, and ensure interests for customers.

As of late March, there were17,887 operating automated teller machines (ATMs) and 278,768 points of sale(POS) nationwide, not to mention a huge volume of online transactions.


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