FE Credit first publicly discloses average lending interest rate

On March 7, FE Credit was the first financial company to announce average lending interest rates following the direction of the Prime Minister and the State Bank of Vietnam (SBV).

For the first time, FE Credit listed its average lending interest rate at 23.4% per year. Accordingly, this interest rate differs by 16.9% per year from the deposit interest rate listed by this financial company, recorded in February 2024.

Previously, on March 5, the Prime Minister issued an official dispatch requesting the State Bank of Vietnam (SBV) to direct credit institutions (CIs) to publicly announce average lending interest rates.

This public interest rate is made to facilitate people and businesses to access credit, credit institutions and banks for the purpose of borrowing capital.

At the credit conference at the end of February 2024, Deputy Director in charge of the Monetary Policy Department Pham Chi Quang said that the State Bank of Vietnam plans to set up a website for credit institutions to announce their average interest rates through links to the organization's website.

Mr. Pham Chi Quang shared: The State Bank will not limit details about customer groups or customer classification when credit institutions announce interest rate information.

Although some banks are still concerned about announcing average lending interest rates, Deputy Governor of the State Bank of Vietnam Dao Minh Tu emphasized that posting average lending interest rates is a must.

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