Prime Minister Pham Minh Chinh has just signed Directive No. 05/CT-TTg dated March 1, 2025 on key tasks and solutions to promote economic growth and accelerate disbursement of public investment capital, ensuring the national growth target of 8% or more in 2025.

The Directive clearly states the key tasks and solutions to promote economic growth, assigning specific tasks to each ministry and sector.

For the State Bank of Vietnam (SBV), the Prime Minister's Directive requires the implementation of a proactive, flexible, timely, effective monetary policy, closely coordinated and in harmony with a reasonable, focused expansionary fiscal policy and other macroeconomic policies; in which, focusing on more effectively implementing tasks and solutions on interest rate management, exchange rate management, credit growth, open market management, interbank market, refinancing, money supply, issuance of credit notes, etc.

PVcom Bank (14).jpg
The Prime Minister requested the banking sector to implement solutions to reduce deposit and lending interest rates. Photo: Nam Khanh.

The State Bank is assigned to regularly monitor and closely supervise the developments in deposit and lending interest rates of commercial banks, and to implement more drastic and effective solutions within its authority to reduce lending interest rates, creating conditions for people and businesses to access loans at reasonable costs and low capital prices to restore and develop production and business, and promote economic growth.

Strengthen the effectiveness of inspection, examination, control and close supervision of the activities of credit institutions, especially the public announcement of mobilization interest rates, lending interest rates, and credit granting activities of credit institutions; promptly and strictly handle violations according to the provisions of law, especially credit institutions that compete unfairly and improperly on interest rates (both mobilization and lending interest rates); strictly prohibit and do not allow commercial banks to freely increase interest rates without direction, compete unfairly and unequally.

The Directive also requires research to increase the scale of the lending program for the forestry and fishery sector to about 100 trillion VND and expand the scope of the program for the agriculture, forestry and fishery sectors. Continue to research and implement preferential credit packages to promote economic growth drivers and enable young people under 35 years old to buy houses.

Previously, on February 25, the State Bank issued Official Dispatch No. 1328/NHNN-CSTT requesting credit institutions and branches of the State Bank of Vietnam in provinces and cities to seriously implement solutions to stabilize deposit interest rates, strive to reduce lending interest rates, and contribute to supporting people and businesses.

In particular, the State Bank requires credit institutions to strictly continue to reduce operating costs, increase the application of information technology, simplify procedures and other measures to strive to reduce lending interest rates, and be willing to share part of profits to support businesses and people in accessing bank credit capital, promoting production and business development.

The State Bank branches in provinces and cities monitor and direct credit institutions in the area to maintain stable deposit interest rates and drastically implement measures to strive to reduce lending interest rates; seriously publicize information on lending interest rates and credit programs with preferential lending interest rates (if any) to customers to support businesses and people in developing production and business.

In this directive, the Prime Minister also assigned the Ministry of Finance to preside over and the State Bank of Vietnam, according to its assigned functions and tasks, to propose and submit to the Government in March 2025 a legal framework for managing and promoting the healthy and effective development of digital assets and digital currencies.