VietnameseNew policies which take effect on May 25, 2023, include new regulations on the deposit interest rate, refinance interest rate, and digitalization of dossier and results of administrative procedure settlement.
1. Reduce the deposit interest rate
Decision No. 951/QD-NHNN prescribes the maximum interest rates applicable to VND deposits of organizations and individuals at credit institutions and foreign bank branches as follows:
- Increase the maximum interest rate applicable to deposits with a term of one month to less than six months shall be from 5.5% per annum to 5.0% per annum;
- Increase the maximum interest rate applicable to deposits for People’s credit funds, micro-financial institutions shall be from 6.0% per annum to 5.5% per annum.
- The maximum interest rate applicable to demand deposits and deposits with a term of less than one month shall have no change with the rate of 0.5% per annum.
2. Reduce the refinancing interest rate
In accordance with Decision No. 950/QD-NHNN, the refinancing interest rate, re-discount interest rate, overnight lending interest rate in inter-bank electronic payment and lending to offset the capital shortage in the clearing of the State Bank of Vietnam for credit institutions, foreign bank branches shall be adjusted as follows:
- The refinancing interest rate is 5.5% per annum instead of 5.0 % per annum;
- The overnight lending interest rate in inter-bank electronic payment and lending to offset the capital shortage in the clearing of the State Bank of Vietnam for credit institutions, and foreign bank branches is 5.5% per annum instead of 6.0% per annum.
The re-discount interest rate stays the same at the rate of 3.5%/per annum.
3. Digitalization of dossiers, results of administrative procedure settlement
Circular No. 01/2023/TT-VPCP prescribes a number of contents and implementation measures relating to the digitalization of dossiers and results of administrative procedure settlement, and performance of administrative procedures in the electronic environment
This Circular guides the application of QR codes in receiving and handling administrative procedures is as follows:
- QR codes that are printed in the upper left corner of documents published from the data of ministerial- and provincial-level information systems for handling administrative procedures for organizations and individuals must provide the minimum data:
- Code of the dossier for settlement of an administrative procedure;
- Code of an administrative procedure;
- Identification code of the organization or individual performing an administrative procedure;
- Name of the document to be published;
- Name of the information system providing the data;
- Time of publication;
- For a receipt and an appointment to return results, the QR code must provide additional data on the date of the appointment.
- For administrative procedure settlement results, the QR code must provide additional data on the validity period and scope (if any).
