Central bank revises up interest rates by 1% from October 25

Accordingly, the refinancing interest rate will be set at 6% per year, rediscount at 4.5%, and overnight inter-banking lending rate at 7%.

The maximum interest rate for non-term and one-month deposits in VND is capped at 1% annually and that for 1-6 month deposits, 6%.

Deposits of 1-6 months at people’s credit funds and micro-finance organisations will enjoy an annual interest rate of 6.5%.

Meanwhile, the maximum short-term lending interest rate in VND at credit institutions for the capital demand for a number of economic sectors increased to 5.5%, and those at people’s credit funds and micro-finance organisations to 6.5%.