On May 23rd, 2023, the State Bank of Vietnam (SBV) issued Decision 950/QD-NHNN on the refinancing rate, rediscount rate, overnight rate for inter-bank electronic payment, and interest rate for loans for covering the capital shortfall regarding clearing of the State Bank of Vietnam for credit institutions and branches of foreign banks and Decision 951/QD-NHNN on maximum interest rates of deposits in Vietnam dong of organizations and individuals at credit institutions and foreign bank branches according to Circular No. 07/2014/TT-NHNN dated March 17, 2014. These Decisions take effect from 25 May 2023.

In which, SBV revised down the interest rate as follows:

- Refinancing rate down 0.5%/year to 5%/year;

- Overnight rate for inter-bank electronic payment and interest rate for loans for covering the capital shortfall regarding clearing of the State Bank of Vietnam for credit institutions and foreign bank branches down 0.5%/year to 5.5%/year;

- The maximum interest rate applicable to term deposits from 1 month to less than 6 months down 0.5%/year to 5%/year; and the maximum interest rate applicable to deposits in VND of People's Credit Funds and microfinance institutions down 0.5%/year to 5.5%/year;

Besides, SBV decided to keep unchanged the discount rate at 3.5%/year and the maximum interest rate applicable to demand deposits and term deposits under 1 month at 0.5%/year.