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CENTRAL BANK CUTS RATES FOR FIRST TIME IN TWO YEARS
The State Bank of Viet Nam (SBV) has announced that several rates will be reduced from March 15 to increase liquidity and support economic growth.
Specifically, the annual rediscount rate shall be lowered to 3.5 percent from 4.5 percent while the annual interest rate for loans to offset capital shortages in clearance between the central bank and domestic banks shall be revised down to 6 percent from 7 percent.
The annual refinancing shall remain unchanged at 6 percent, the central bank said in its statement on Tuesday.
The central bank also announced that the maximum short-term lending interest rate in the Vietnamese dong of credit institutions for borrowers to meet capital needs for economic sectors and industries shall be reduced to 5 percent from 5.5 percent per year, starting March 15.
The maximum short-term lending interest rate in the Vietnamese dong of people's credit funds and microfinance institutions shall be decreased from 6.5 percent per year to 6 percent per year.
In early March 2023, commercial banks in Viet Nam agreed to reduce deposit interest rates by 0.2-0.5 percent for loans with a term of 6-12 months following a meeting with the State Bank of Viet Nam.
INTELLASIA FINANCE & BUSINESS NEWS - MARCH 24, 2023
1. Banks continue with consolidation game 2. Are banks' profit peaks inflated? 3. Gains feasible through large-scale FDI 4. Moody's lowers Techcombank ratings 5. 5 key factors influencing Vietnam's FMCG market in 2023 ----and more news
CLEARING THE WAY FOR REAL ESTATE MARKET
The resolution clearly states that the real estate market plays an important role in the economy and affects many other industries and fields. However, in 2022 especially in the second half of 2022, the real estate market faced many difficulties.
EFFECTIVE IMPLEMENTATION OF PRIORITY PUBLIC INVESTMENTS: KEY TO SUPPORT GROWTH
The global landscape for 2022 was volatile and uncertain, weighed down by slowing growth and falling demand, persistent inflationary pressures and more aggressive monetary tightening, as well as heightened geopolitical tensions. This continues to be a double risk to global macroeconomic performance in 2023, as well as to Vietnam as a highly open economy.
VIETNAM TENDERS DAILY- MARCH 24, 2023
1. Backup conveyor materials supply2. Industrial sewing equipment supply3. Industrial sewing equipment supply4. Refined salt processing technology supply5. Electrical and Instrument bulk material supply----and more news
VIETNAM TENDERS DAILY- MARCH 23, 2023
1. Portable car weighing scale supply2. Air conditioner system improve3. Thermal mechanical materials supply4. Disease prevention materials supply5. Consumable materials supply----and more news
INTELLASIA FINANCE & BUSINESS NEWS - MARCH 23, 2023
1. Bank credit growth expected to slow down in 2023 2. Credit Suisse escapes 'Lehman moment', Vietnam unaffected 3. Vietnam's macroeconomic policy and post COVID recovery 4. Hanoi should prioritise climate resilience in urban development: Experts 5. Textile, garment firms switching to green production 1----and more news