The State Bank of Vietnam (SBV) asked five state-owned commercial banks to cut spending, lower loan interest rates and improve their operational efficiency.
Interest rates may continue to decrease
The banks in question include Vietnam Bank for Agriculture and Rural Development (Agribank), Vietnam Commercial Bank for Industry and Trade (Vietinbank), Vietnam Commercial Bank for Foreign Trade (Vietcombank).
Two other banks also on the list are Vietnam Bank for Investment and Development (BIDV) and Mekong Housing Bank (MHB).
These banks must create business models in accordance with Govornment and SBV policies. In order to accomplish this they have been asked to review their operations, expenditures and management structures. Based on the results of these reports, they must reduce spending by 5-10%, lower interest rates and systematically improve efficiency.
The deadline for these plans to be sent to SBV and the Ministry of Finance is April 10, and reports on the results must be sent before the end of the year.