To: Credit institutions, foreign bank branches

Implementing the Government's and Prime Minister's directives in Resolution No. 97/NQ-CP dated July 8, 2023 in Government’s regular meeting in June 2023, online conference between the Government and local governments; Resolution No. 105/NQ-CP dated July 15, 2023 on tasks and solutions to address issues in production and business, further promote reform of administrative procedures, tighten discipline, and Resolution No. 124/NQ-CP dated August 7, 2023 of the Government's regular meeting in July 2023, the State Bank of Vietnam (SBV) requires credit institutions and state bank branches (hereinafter referred to as credit institutions) to perform the following tasks:

1. Credit institutions proceed with solutions to reduce interest rates, especially reducing lending interest rates for existing outstanding loans and new loans (taking all necessary steps to reduce interest rates by at least 1.5 – 2% per year) under the directives of the Government and the Prime Minister. This will aid businesses and the people to recover and develop production and business.

2. Credit institutions shall send reports on lending interest rates, in specific:

- Report on the commitment to reduce lending interest rates in 2023 for existing outstanding loans, as per Table 1, and new loans to the State Bank of Vietnam (SBV) before August 25, 2023.

- Report on the results of the implementation of commitment to reduce lending interest rates in 2023 for existing outstanding loans, as per Table 2, and new loans to the State Bank of Vietnam (SBV) before January 8, 2022.

Reports shall be sent to the State Bank of Vietnam (Monetary Policy Department and Banking Inspection and Supervision Agency), 49 Ly Thai To, Hoan Kiem, Hanoi; The scanned word/excel copy is sent to the email address: [email protected]. For more information, please contact 024 39366306 (ext. 416028); 024 38246952. The State Bank of Vietnam requires credit institutions and foreign bank branches to implement this document./.

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ON BEHALF OF GOVERNOR
PP. DIRECTOR OF FINANCIAL POLICY DEPARTMENT
DEPUTY DIRECTOR




Duong Thi Thanh Binh