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Demand on loans on the rise.

The State Bank of Vietnam and Vietnam Banking Association (VNBA) just worked with general directors of commercial banks (CB) to launch the implementation of Resolution 18/NQ-CP dated April 6, 2010 on reducing VND interest rates.

According to VNBA, reps of CBs agreed on the government’s instruction on reducing interest rates, many CBs have carried out measures of VND interest rate reduction positively.

At the meeting, leaders of CBs asked to decrease interest rates according to a certain roadmap. Initially, it is necessary to focus on lessening short-term lending rates and giving proper settlement between government bond interest rate and banking rate, facilitating CBs’ capital attraction.

Addressing the sitting, the State Bank vice governor Nguyen Dong Tien affirmed that there will have proper measures of VND interest rate reduction by about 10% per year, and VND lending rate by 12% per year.

Over the past several days, monetary market started welcoming new positive signs from interest rate reduction policy. Specifically, Viet A Bank, HCMC Housing Development Bank adjusted to reduce their interest rates for 3-12 month terms with the rate of 11.5% per year.

Obviously, this is one of positive signals to contribute to market stability, macroeconomic stability, inflation control and to reach an economic growth rate of about 6.5% in 2010.

Reported by T.Huynh – Translated by A.C