Interest rates for loans and savings have recently decreased as banks respond to a credit program designed to boost economic growth, especially for small and medium-sized enterprises (SMEs). Major banks such as Vietcombank, Agribank, BIDV, and VietinBank have led the way, with nearly ten other commercial banks following suit after the State Bank of Vietnam's (SBV) call for rate reductions.

One notable example is the Maritime Bank (MSB), which announced a preferential interest rate program for SMEs and household businesses, offering rates at least 1% lower than standard loan rates. This program has a total limit of 3 trillion VND, with preferential rates starting from 8.5% per year. Similarly, HDBank has launched credit programs for businesses with rates starting at 8% per year, prioritizing SMEs, agriculture, exports, and retail.

Moreover, KienlongBank has introduced a program titled "Accompanying Loan Capital - Together for Connection" for SMEs, offering rate reductions of up to 2.5% per year based on customer group and loan term. Individual customers have also seen interest rate adjustments, with BIDV offering home loans at a minimum fixed rate of 9.7% per year for 12 months.

On the savings side, banks like Nam A Bank have reduced interest rates for personal savings deposits, with maximum reductions reaching 0.3%. For instance, rates for terms of 2 to 5 months have dropped to 4.7% per year, while the 36-month term has seen the largest drop to 6.6% per year.

Experts, including Associate Professor Dr. Dinh Trong Thinh, indicate that while banks are attempting to reduce both lending and savings rates, the overall interest rates will remain relatively high due to ongoing economic demands. The SBV is encouraged to implement more flexible policies to support lower-cost funding for banks.

As of July 29, the total credit outstanding in the economy reached 20.15 million billion VND, reflecting an 8.38% increase compared to the end of 2025. However, the growth rate of capital mobilization remains sluggish, indicating a high demand for funding among banks. The liquidity of the banking system has been under strain recently, exacerbated by slow public investment disbursement and low liquidity in the real estate market.

To enhance access to bank capital for SMEs, it is crucial to address long-standing barriers, particularly concerning collateral and business plans. The SBV is urged to consider establishing a digital bank to facilitate unsecured lending based on borrower identification and credit history, which could significantly ease access to funding for SMEs.