Vietnamese
On September 22, 2022, the State Bank of Vietnam issues Decision No. 1607/QD-NHNN on the maximum interest rate applicable to VND deposits of organizations and individuals at credit institutions and foreign bank branches.
Accordingly, the maximum interest rates applicable to VND deposits of organizations and individuals at credit institutions and foreign bank branches all increase.
In particular, the maximum interest rate applicable to call deposits and deposits with terms of less than one month shall be 0.5% per annum (increased by 0.3%); The maximum interest rate applicable to deposits with terms of one month to less than six months shall be 5.0% per annum (increased by 1%).
For People’s credit funds and Micro-financial institutions, the maximum interest rate applicable to deposits with terms of one month to less than six months shall be 5.5% per annum.
On the same day, the State Bank of Vietnam issues Decision No. 1606/QD-NHNN on 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 and foreign bank branches.
Within that, the refinancing interest rate: 5.0% per annum, the re-discount interest rate: 3.5% per annum, and 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 other banks: 6.0% per annum.
The above interest rate is adjusted to increase by 1% compared with the latest adjustment in September 2020.
Decision No. 1606/QD-NHNN and Decision No. 1607/QD-NHNN takes effect on September 23, 2022.
The Chief of the State Bank’s Office, Director of the Monetary Policy Department, Heads of units of the State Bank of Vietnam, credit institutions, and foreign bank branches shall be responsible for the implementation of this Decision.
