At the press conference, answering questions from the press about the direction and implementation of the SBV's measures, especially in reducing lending interest rate level to promote economic growth in 2025 to reach 8% or more, SBV Deputy Governor Dao Minh Tu emphasized that this is a very big responsibility and the SBV will proactively operate tools to create conditions for commercial banks to have liquidity and capital without having to increase mobilized capital.
According to the Deputy Governor, the task of achieving 8% GDP growth, if there is an opportunity, double-digit growth from this year to create a premise for the next stage, is one of the tasks that all levels and sectors, from the central to local levels, are actively participating in.
On the part of the banking sector, this is a very big responsibility in creating conditions to support capital for the economy, especially capital for businesses to expand investment. To grow, we must expand investment. To expand investment, we must pay attention to two issues: One is to have investment capital; two is to increase the capital absorption capacity of enterprises and investors. Increased investment capital comes from many sources: State budget, private social investment capital, investment capital through the banking system, foreign capital...
"Regarding the banking sector, to support economic growth of 8%, we set this year's credit growth at about 16%, so at least the additional outstanding debt by the end of 2025 must be about 2.5 million billion VND. If the economic growth rate is higher than 8%, then with the current level and ratio of investment capital structure, between bank capital and other capital sources for economic development investment must increase by more than 2.5 million billion VND", the Deputy Governor informed.
The State Bank has also determined the capital level and responsibility in supporting the economy. To have such a year-end capital growth, we must find a way to make the capital flow faster during the year and clear up the difficult and blocked capital sources. Currently, we are coordinating with ministries and branches to present to the Government solutions to clear up the capital sources that are stuck in projects.
Regarding interest rates, if we want to expand investment, we must lower interest rates. It can be said that in 2024 alone, compared to the end of 2023, interest rates have decreased by an average of about 1.1%. Commercial banks with state capital, playing a leading role, even have banks that have decreased by about 1.6% compared to the beginning of 2024. On average, four state-owned commercial banks have reduced their rates by 1.4%.
In the first two months of 2025 alone, it can be said that the direction of the Government, the Prime Minister, as well as the banking sector with credit institutions must be in the direction of stability, continuing to reduce interest rates, on the basis of reducing costs of commercial banks in the most positive and highest way to have conditions to reduce lending interest rates.
Recently, taking advantage of the early stage of the year, after the Lunar New Year, the number of people depositing money will be large, some banks have increased the mobilization interest rates for some terms. However, the goal and viewpoint at this time is to create favorable conditions to support businesses and borrowers at a positive interest rate. Therefore, interest rates must be reduced.
The Prime Minister has issued Official Dispatch No. 19 to direct this matter. We believe that the Prime Minister's direction is very decisive and timely. The Prime Minister's direction is very clear and very appropriate in the context of needing to reduce interest rates. If we want to reduce lending interest rates, we must reduce deposit interest rates. All are in line with the policy of reducing interest rates so that businesses, depositors, and banks can share in a simultaneous, synchronous, and common way to create conditions for expanding investment, mobilizing capital, lending capital, and using capital effectively, with quick turnover, supporting GDP growth this year at over 8%.
We have directed banks to increase deposit interest rates in the recent past and the banks have promptly adjusted to reduce them. So far, statistics show that 12 banks have reduced interest rates, some banks have reduced them very deeply. On average, some banks have reduced their deposit interest rates by up to 0.7%. Many banks have launched credit packages that are very suitable for current needs, especially consumer loans and social housing loans for the poor and low-income people.
“In the coming time, the State Bank will closely monitor interest rates to ensure that it can both create initiative for commercial banks and share with businesses by reducing costs and reducing lending interest rates for all terms. The State Bank will proactively manage its tools to create conditions for commercial banks to have liquidity and capital sources, without having to increase mobilized capital. This will also be one of the tools that the State Bank will proactively manage from now until the end of the year,” said Permanent Deputy Governor Dao Minh Tu.
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