Official Dispatch 9736/NHNN-CSTT 2026 regarding the reduction of interest rates

To: Commercial banks

(List attached)

To continue the vigorous implementation of measures to lower overall interest rates, thereby supporting business and production development in accordance with the directions of the Government and the Prime Minister, and based on the conclusions of the Governor of the State Bank of Vietnam (SBV) at the meeting held on October 19, 2026, the SBV requires commercial banks to take the following actions:

1. Direct all units throughout their systems and across all sales channels to take decisive action to achieve substantive reductions in deposit and lending interest rates in accordance with the directions of the SBV Governor at the meeting held on October 19, 2026, and Official Dispatch No. 9608/NHNN-CSTT dated October 18, 2026.

2. During the remaining months of 2026, reduce the average deposit interest rate applicable to new transactions with terms of 6 months or longer by at least 0.5% per annum compared with the respective commercial bank’s average rate reported for the reporting period from October 11, 2026, through October 20, 2026.

3. To monitor commercial banks’ strict compliance with the SBV’s directions on substantive reductions in deposit and lending interest rates, the SBV shall monitor their average interest rates applicable to commercial banks' new transactions during the remaining months of 2026 through the statistical reporting system prescribed in Official Dispatch No. 6194/NHNN-DBTK dated August 7, 2023, regarding the required reporting of interest rates applicable to new transactions. If a commercial bank fails to comply with the SBV’s directions, the SBV shall take strict enforcement action, including considering assigning the commercial bank a lower credit growth target.

The SBV requires commercial banks to thoroughly grasp, vigorously perform the assigned tasks, and be held accountable before the law, the SBV Governor and competent authorities./.

P.P. the Governor

Director of the Monetary Policy Department

PHAM CHI QUANG