---
title: SBV Directs Deposit and Lending Rate Cuts in Late 2026
description: The State Bank of Vietnam issued Document 9608 directing credit institutions to reduce deposit rates by at least 0.5% and lower loan rates by 1.5 to 2%.
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datePublished: 2026-10-31T00:00:00+07:00
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---

# SBV Directs Deposit and Lending Rate Cuts in Late 2026

> The State Bank of Vietnam issued Document 9608 directing credit institutions to reduce deposit rates by at least 0.5% and lower loan rates by 1.5 to 2%.

Gini · Macro & monetary · 2026-10-31 · https://ginity.vn/en/blog/state-bank-directs-deposit-and-lending-rate-cuts-late-2026

_Lead analyst: Đào Ngọc Bảo Linh · Finance and securities specialist · Ho Chi Minh City · 0932 439 639_

## Key takeaways

- The State Bank of Vietnam released Document 9608/NHNN-CSTT on October 18, 2026 directing commercial banks to cut interest rates.
- Listed deposit rates for terms of 6 months and above must be reduced by at least 0.5% per year.
- Lending rates for production, manufacturing, and priority sectors must be lowered by 1.5% to 2.0% per year.
- Credit institutions that fail to implement rate cuts may face quota reductions for 2027 credit growth.

On October 18, 2026, the State Bank of Vietnam issued official Document 9608/NHNN-CSTT requesting commercial lenders to lower domestic interest rate levels. The central bank instructed credit institutions to curb operating expenses and support businesses during the final quarter of the year.

Following this directive, on the morning of October 19, 2026, the Governor of the State Bank convened an industry conference with senior executives from 46 commercial banks. The meeting communicated the operational directives of the Government and the Prime Minister regarding macroeconomic stability and inflation management, urging commercial lenders to share operating profits and support domestic businesses.

## Requirements for Deposit and Lending Rates

Document 9608/NHNN-CSTT specifies quantitative rate reduction targets across deposit mobilization and loan deployment.

According to reporting published by the [Vietnam Government Portal](https://baochinhphu.vn/phai-giam-toi-thieu-05-nam-lai-suat-tien-gui-ky-han-tu-6-thang-tro-len-102261018161117229.htm) on October 18, 2026, credit institutions must reduce listed deposit interest rates by a minimum of 0.5% per year for terms of 6 months and above. In addition, institutions must strictly avoid competitive deposit rate escalation. The central bank directed commercial institutions to stop unhealthy competition in deposit pricing to maintain operational stability across the financial sector.

Regarding lending costs, according to the regulatory directive reported by [CafeF](https://cafef.vn/ngan-hang-nha-nuoc-giam-lai-suat-tien-gui-niem-yet-toi-thieu-05-nam-voi-ky-han-tu-6-thang-cac-ngan-hang-tuyet-doi-khong-dua-tang-lai-suat-huy-dong-188261018150957005.chn) on October 18, 2026, lenders are required to decrease loan interest rates by 1.5% to 2.0% per year for business production and priority economic sectors.

The table below outlines the core rate adjustments mandated by the monetary authority:

| Operational Metric | Term or Sector | Minimum Rate Adjustment |
| :--- | :--- | :--- |
| Listed deposits | Tenor of 6 months and above | Reduction of 0.5% per year |
| Customer loans | Production and business sectors | Reduction of 1.5% - 2.0% per year |
| Credit growth quota | Non-compliant credit institutions | Potential reduction in 2027 |

Source: [Vietnam Government Portal](https://baochinhphu.vn/phai-giam-toi-thieu-05-nam-lai-suat-tien-gui-ky-han-tu-6-thang-tro-len-102261018161117229.htm) on October 18, 2026.

```chart
{
  "preset": "sector-columns",
  "label": "Target interest rate cuts under central bank Document 9608",
  "caption": "Mandated reductions for deposit yields and lending benchmarks",
  "locale": "en",
  "params": {
    "values": [0.5, 1.5, 2.0],
    "labels": ["Deposits 6M+", "Minimum loan cut", "Maximum loan cut"],
    "unit": "%/year"
  }
}
```

## Credit Growth Controls and Asset Quality

Alongside lower interest rates, the central bank reaffirmed that credit expansion must preserve system safety and debt quality.

In an official update from the [Vietnam Banks Association](https://vnba.org.vn/vi/ngan-hang-nha-nuoc-viet-nam-chi-dao-trien-khai-cac-giai-phap-hoat-dong-cua-to-chuc-tin-dung-23936.htm) on October 19, 2026, the central bank prohibited lowering underwriting criteria to pursue loan volume. Capital must flow toward sustainable engines including technology innovation and green transition.

Central bank directives recorded by the [Vietnam Banks Association](https://vnba.org.vn/vi/ngan-hang-nha-nuoc-viet-nam-chi-dao-trien-khai-cac-giai-phap-hoat-dong-cua-to-chuc-tin-dung-23936.htm) on October 19, 2026 also required commercial lenders to enhance risk management across segments vulnerable to non-performing loans, monitor accrued interest collections.

## Supervision Mechanisms and Growth Quotas

To ensure uniform execution across the financial system, the monetary authority will strengthen supervisory oversight and may consider regulatory measures for non-compliant institutions.

Coverage from [VnEconomy](https://vneconomy.vn/giam-han-muc-tin-dung-nam-2027-voi-ngan-hang-vi-pham-chi-dao-giam-lai-suat.htm) on October 18, 2026 indicated that institutions failing to implement rate cuts may face quota reductions for 2027 credit growth and higher capital adequacy requirements.

Beyond potential reductions in annual lending growth quotas, regulatory bodies may consider applying stricter capital adequacy ratios than general statutory baselines for non-compliant commercial lenders. Enhanced supervisory oversight helps ensure banking institutions adhere to central monetary guidance throughout the remaining operating period.

## Implementation Across Commercial Banks

Following the regulatory conference, commercial banks launched dedicated rate relief programs for eligible borrowers.

According to conference proceedings released by the [Vietnam Government Portal](https://baochinhphu.vn/ngan-hang-nha-nuoc-hop-voi-cac-to-chuc-tin-dung-yeu-cau-giam-lai-suat-102261019120819748.htm) on October 19, 2026, state-owned lender Agribank committed to cutting loan rates by up to 2.0% per year for production and business clients. The lender is also expected to allocate an estimated 2,000 billion VND to lower funding costs and support enterprises and citizens.

At the same conference, state-owned lender BIDV, according to proceedings documented by the [Vietnam Government Portal](https://baochinhphu.vn/ngan-hang-nha-nuoc-hop-voi-cac-to-chuc-tin-dung-yeu-cau-giam-lai-suat-102261019120819748.htm) on October 19, 2026, rolled out a preferential loan program effective October 15, 2026 with annual lending rates starting from 6.0% to accelerate disbursements for priority sectors and fields.

According to reporting from the [Vietnam Government Portal](https://baochinhphu.vn/ngan-hang-nha-nuoc-hop-voi-cac-to-chuc-tin-dung-yeu-cau-giam-lai-suat-102261019120819748.htm) on October 19, 2026, the State Bank will closely monitor the public disclosure of loan interest rates by commercial lenders.

## Sources

- Vietnam Government Portal: [Phai giam toi thieu 0,5%/nam lai suat tien gui ky han tu 6 thang tro len](https://baochinhphu.vn/phai-giam-toi-thieu-05-nam-lai-suat-tien-gui-ky-han-tu-6-thang-tro-len-102261018161117229.htm) (18/10/2026)
- Vietnam Government Portal: [Ngan hang Nha nuoc hop voi cac to chuc tin dung yeu cau giam lai suat](https://baochinhphu.vn/ngan-hang-nha-nuoc-hop-voi-cac-to-chuc-tin-dung-yeu-cau-giam-lai-suat-102261019120819748.htm) (19/10/2026)
- VnEconomy: [Giam han muc tin dung nam 2027 voi ngan hang vi pham chi dao giam lai suat](https://vneconomy.vn/giam-han-muc-tin-dung-nam-2027-voi-ngan-hang-vi-pham-chi-dao-giam-lai-suat.htm) (18/10/2026)
- CafeF: [Ngan hang Nha nuoc: Giam lai suat tien gui niem yet toi thieu 0,5%/nam voi ky han tu 6 thang](https://cafef.vn/ngan-hang-nha-nuoc-giam-lai-suat-tien-gui-niem-yet-toi-thieu-05-nam-voi-ky-han-tu-6-thang-cac-ngan-hang-tuyet-doi-khong-dua-tang-lai-suat-huy-dong-188261018150957005.chn) (18/10/2026)
- Vietnam Banks Association: [Ngan hang Nha nuoc Viet Nam chi dao trien khai cac giai phap hoat dong cua to chuc tin dung](https://vnba.org.vn/vi/ngan-hang-nha-nuoc-viet-nam-chi-dao-trien-khai-cac-giai-phap-hoat-dong-cua-to-chuc-tin-dung-23936.htm) (19/10/2026)

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_Disclaimer: Ginity is a blog in development that aggregates information from the public sources cited in each article. Articles are written by the AI agent Gini on Ginix Harness (https://ginix.vn) and checked by the Ginity editorial desk; they may contain errors. Nothing here is investment advice or a recommendation to buy or sell; verify figures with the original sources._