What did the State Bank representative say about the proposal to provide 0% interest loans for the innovation sector?

Deputy Governor Dao Minh Tu agrees with the view that technology is a weapon for businesses to develop breakthroughs, but technology investment cannot rely solely on bank capital.

Interest rate proposal 'symbolic'

At the workshop “Bank capital contributes to promoting the private economy” organized by Banking Times on the morning of March 21, Mr. Nguyen Kim Hung - Chairman of the Board of Directors of Kim Nam Group - an enterprise operating in the fields of mining, technology, investment, real estate, logistics,... said that bank loans are still an important lifeline for any type of enterprise.

Mr. Hung expressed his hope that the State Bank of Vietnam (SBV) would coordinate with ministries and branches, especially the Ministry of Finance, to be able to issue lending policies for enterprises in the fields of science and technology (S&T), innovation, especially when no bank has designed a separate loan package for innovation enterprises such as loans for investment in the field of AI, platform investment, etc.

Mr. Nguyen Kim Hung (left), Chairman of the Board of Directors of Kim Nam Group, at the conference. Photo: TBNH.

Chairman of Kim Nam Group proposed a credit package with a symbolic interest rate of "almost 0%" for the above type of business.

“If the interest rate for medium and long-term loans remains at 8-10% per year, it will be difficult for businesses to invest in innovation. Instead, businesses can compensate with corporate income tax,” Mr. Hung suggested.

Regarding loans for supply chains, Mr. Hung proposed to “exempt” collateral for small businesses participating in the supply chain to produce and consume products. Instead, it is necessary to increase the responsibility of large businesses participating in the supply chain. Thus, small and medium enterprises (SMEs) will not need collateral but can mortgage their income.

In addition, businesses also want support in interest rate policies for medium and long-term loans so that businesses have the motivation to invest in the long term.

Not just waiting for bank capital

Deputy Governor Dao Minh Tu said that the lending mechanism to promote innovation according to Resolution No. 57-NQ/TW dated December 22, 2024 of the Politburo on breakthroughs in science, technology, innovation and digital transformation is a hot issue at the moment. More than anyone else, banks have clearly realized that technology is a competitive weapon, and those who are slow will fail. However, capital for science, technology and innovation development cannot depend solely on banks.

Regarding the proposal of 0% lending interest rate for enterprises, the Deputy Governor affirmed that this proposal cannot be implemented from a commercial perspective (banks must pay deposit interest rates to depositors to have capital to lend) but requires the hand of the state. In addition, investment in science and technology cannot rely entirely on banks but must have an overall strategy, promoting many resources such as: banks, budgets, investment funds, start-ups...

From February 25 to the beginning of this week, 23 banks have reduced lending rates. According to the State Bank, in 2023, the average lending rate decreased by 1.3% compared to the beginning of the year. In 2024, the average lending rate decreased by 1.4%. In 2025, from the beginning of the year until now, lending rates have decreased by 0.8%.

Many commercial banks said that lending interest rates have dropped very low but it is still difficult to find customers.

Regarding the proposal on chain-based lending, the Deputy Governor said that the State Bank had previously piloted 21 value chain models. However, only one flower growing and consumption model in Lam Dong was successful, because it involved foreign management and technology investment.

“All parties involved in the chain must have benefits for them to stick together. The banking industry really wants to lend along the chain without requiring collateral, but the story here depends on the components of the subjects participating in the chain,” said Mr. Dao Minh Tu.

Deputy Governor of the State Bank of Vietnam Dao Minh Tu (middle) shares at the discussion. Photo: TBNH

At the same time, he cited the model of the 1 million hectare high-quality rice project in the Mekong Delta, where all parties involved in the chain benefit, showing that the story of chain lending is very effective, including banks.

“The chain lending model in the Mekong Delta can be applied to many other economic sectors. It proves the saying that if you want to go far, go together,” said the Deputy Governor.

Regarding the proposal to further reduce interest rates for medium and long-term loans for businesses, Mr. Tu said that Vietnam's interest rates are somewhat going against the general trend of the world. While the world is increasing interest rates, we are lowering interest rates.

However, up to now, Vietnam's policy of lowering interest rates has shown its effectiveness and still ensures the monetary policy objectives. At present, the interest rate level is relatively harmonious because interest rates are also related to the story of exchange rates and many other issues.

According to Mr. Dao Minh Tu, in recent times, the banking industry has implemented synchronous solutions to promote credit growth to meet the capital needs for production and business of people, businesses in general and private enterprises in particular.

As a result, the lending interest rate level has decreased sharply. The average lending interest rate in 2024 decreased by 1.24%, and in 2025 continued to show a downward trend compared to the end of 2024.

For small and medium enterprises, the State Bank has identified them as priority lending subjects with preferential interest rates when lending short-term in VND lower than normal production and business sectors (currently 4%/year).

Mr. Doan Ngoc Luu, Deputy General Director of Agribank, said that in 2024, Agribank reduced lending interest rates 4 times, bringing the interest rate level down nearly 2% compared to 2023 and among the lowest in the market. Particularly for FDI enterprises in the northern region, Agribank implemented a low-interest loan package of 2.4 - 3.9%/year, but in the first 3 months of the year, only one enterprise in Bac Giang borrowed.

Meanwhile, Mr. Nguyen Viet Cuong, Deputy General Director of Vietcombank, also affirmed that from 2023 to now, Vietcombank has always reduced interest rates to support economic development. This year, implementing the direction of the State Bank, Vietcombank has pioneered in keeping interest rates low, keeping input interest rates low, and reducing costs to reduce lending rates.

Source: https://baodaknong.vn/dai-dien-nhnn-noi-gi-ve-de-xuat-cho-vay-lai-suat-0-linh-vuc-doi-moi-sang-tao-246852.html