Official Dispatch No. 9779/NHNN-CSTT dated December 14, 2010 of the State Bank of Vietnam on mobilization interest rate in VND

With a view to implementing the Directive No. 2164/CT-TTg dated 30 November 2010 of the Prime Minister on continuing to strengthen the production activity, ensuring the balance of the supply and demand of goods, services, stabilizing prices, market in the occasion of the Lunar New Year and in the first quarter of 2011, and  in order to stabilize the mobilization interest rate in the monetary market upon the proposal of the Vietnam Banks Association and commercial banks at the meeting convened by the State Bank in the afternoon of 14th December 2010, the Governor of the State Bank hereby requires as follows:

1. For Credit  Institutions:

- To fix the capital mobilization interest rate in VND (deposit interest rate, interest rate of valuable papers...) of organizations (excluding credit institutions) and individuals, including payments for sale promotion in the form without excess of 14%/annum. This maximum capital mobilization interest rate shall be implemented from 15 December 2010 and be reduced in correspondence with the inflation situation and capital supply - demand in the market.

- To post in public the capital mobilization interest rate in VND at capital mobilization units (Head Offices, operation departments, branches, transaction offices, savings funds...) in accordance with provisions of the State Bank.

2. For the State Bank s branches in provinces, cities: to perform the inspection, supervision over credit institutions (branches) in the local area as to capital mobilization interest rate in VND as stated at point 1 of this Official Dispatch; to immediately apply provisions on the maximum capital mobilization interest rate in VND, and at the same time, timely report the settlement thereof to the State Bank of Vietnam.