Vietnam State Bank Governor Pham Duc An said businesses, especially small and medium-sized enterprises, still face difficulties accessing credit.
At a conference on explaining and implementing the 4th Central Committee resolution of the Vietnam State Bank Party Committee on October 26, Pham Duc An said that in 2026 global economic developments, energy prices, trade policies and interest rates in major economies would put pressure on domestic management. Monetary policy had nevertheless been managed proactively and flexibly, helping maintain macroeconomic stability and support growth.
Pham Duc An said inflationary pressure, exchange-rate pressure and money-market pressure remained high. “Businesses, especially small and medium-sized enterprises, still face difficulties accessing credit,” the State Bank governor said.
To meet the goals for 2026 and 2027, including double-digit growth, Pham Duc An ordered proactive and flexible monetary-policy management coordinated closely with fiscal policy. He called for close monitoring of domestic and international developments so authorities could respond promptly while balancing growth support, currency stability and system safety.
The governor called for credit to be directed toward production, business activity and growth drivers, for businesses and residents to receive help accessing capital, and for capital allocation to become more effective. Expanding credit must be tied to quality, risk control and system safety. He also called for stronger management, inspection and supervision, tighter discipline, early identification and handling of risks, and continued stability in the money market and the operations of credit institutions.
Deposit-rate competition cools, but actual rates remain high
For more than a week, State Bank leaders have sent letters urging banks to lower overall interest-rate levels. In document No. 9608 issued on October 18, the State Bank required banks to cut listed deposit rates by at least 0.5 percentage points a year for terms of six months or longer and banned competition by raising rates in a way that could destabilize financial and monetary security.
Banks were also told to reduce lending rates by 1.5–2 percentage points a year for production and business activities and priority sectors. The State Bank required strict control of credit to potentially risky sectors and to customers or groups with large outstanding loans.
In Official Letter No. 9736 on October 21, the State Bank governor again ordered commercial banks to lower overall rates. Banks must reduce the average deposit rate on new transactions with terms of six months or longer by at least 0.5 percentage points a year in the final months of 2026, compared with the same bank’s rate in the reporting period from October 11 to 20.
The State Bank will track average figures for new transactions through the statistical reporting system. Banks that fail to follow the direction may face strict measures, including a reduction or lower allocation of their credit-growth target. More than 20 banks then cut savings-deposit rates, but actual rates remained 1–3 percentage points above listed rates because of special offers in banking apps.
Banks’ interest rates in September 2026
According to the State Bank report, in September average VND deposit rates at state-owned and joint-stock commercial banks for new and existing deposits were 0.1–0.2% a year for demand deposits and terms of less than one month.
For terms from one to six months, deposit rates were 4.1–4.6% a year, and for terms from six to 12 months, 6.6–8.1% a year. For terms from 12 to 24 months, rates were 6.2–7.8% a year, while terms longer than 24 months had rates of 7.4–8.2% a year.
The average lending rate for new and existing loans with outstanding balances was 8.4–10.9% a year. The average short-term VND lending rate for priority sectors was about 4.0% a year, equal to the maximum short-term lending rate set by the State Bank for those sectors.
Sources: Thanh Niên
