On March 31, 2023, the State Bank of Vietnam issued three decisions related to interest rate management, including Decision 574/QD-NHNN ("Decision 574"), Decision 575/QD-NHNN ("Decision 575"), Decision 576/QD-NHNN ("Decision 576"), replacing Decision 313/QD-NHNN ("Decision 313"), Decision 314/QD-NHNN ("Decision 314") and Decision 1812/QD-NHNN ("Decision 1812"), which have been updated by ATA Legal Services previously. The issuance of those decisions demonstrates the State's efforts in supporting enterprises to overcome difficulties and to recover production and business.
Accordingly, the interest rates shall experience the following adjustments:
|
Content |
Decision 313 |
Decision 574 |
|
Refinance interest rate |
6,0% |
5,5% |
|
Rediscount interest rate |
3,5% |
3,5% |
|
Lending interest rates for foreign credit institutions |
6,0% |
6,0% |
|
Content |
Decision 1812 |
Decision 575 |
|
Interest rates for demand deposits or term deposits less than 1 month |
1,0% |
0,5% |
|
Interest rates for term deposits from 1 month to less than 6 months |
6,0% |
5,5% |
|
Interest rates for term deposits from 1 month to less than 6 months (applicable only to People's Credit Funds and Microfinance Institutions) |
6,5% |
6,0% |
|
Content |
Decision 314 |
Decision 576 |
|
Call money rate for foreign credit institutions (excluding People's Credit Funds and Microfinance Institutions) |
5,0% |
4,5% |
|
Call money rate for People's Credit Funds and Microfinance Institutions |
6,0% |
5,5% |
Notes:
- Deposit interest rates arising before the effective date of Decision 575 will remain the same until the end of the term. At the end of the agreed term, if organizations or individuals do not come to receive the interest, the interest rates according to Decision 575 will apply.
- Interest rates applicable to credit agreements and loan agreements signed before the effective date of Decision 576 will continue to be applied according to the signed credit agreements and loan agreements.
Decision 574, Decision 575 and Decision 576 take effect from April 3, 2023.
Comment: