Commercial banks in Viet Nam have cut listed deposit interest rates by 0.5 percentage points per year for tenors of six months or longer, marking an initial outcome of the State Bank of Viet Nam (SBV)’s efforts to lower market interest rates amid rising demand for capital to fuel economic growth.

The State Bank of Viet Nam (SBV)’s top priority is to ensure that every mechanism, policy, and management action supports macroeconomic stability, major economic balances, and resilience, while maintaining a sound and transparent market-based banking system, said Prime Minister Le Minh Hung.

Rising demand for capital across the economy, combined with deposit mobilisation that has failed to keep pace, is placing mounting pressure on interest rate management.

The monetary policy will remain proactive and flexible, closely coordinated with an appropriately expansionary fiscal policy to prioritise inflation control while supporting sustainable growth.

Amid credit outstanding across the economy reaching a high ratio relative to GDP, monetary policy management is no longer focused solely on expanding scale but is shifting its emphasis towards a new priority.

Deputy Prime Minister Ho Duc Phoc has just signed Official Dispatch No.161/CD-TTg (dated September 11, 2025) of the prime minister, which requests a report on the situation and solutions for managing and operating the currency market, gold market, and stock market.

Deputy Prime Minister Ho Duc Phoc on August 1 emphasised the importance of effectively managing monetary policy, maintaining macroeconomic stability, curbing inflation, stabilising the exchange rate, and promoting economic growth.

Given the great pressure caused by domestic and external difficulties and challenges, Prime Minister Pham Minh Chinh has underlined the need to stay steadfast in the targets of firmly maintaining macro-economic stability, controlling inflation, boosting growth, and guaranteeing major balances of the economy.