APPENDIX 6
SUMMARY OF BASIC MILESTONES IN THE INTEREST RATE MANAGEMENT MECHANISM OF THE STATE BANK OF VIETNAM
(1995 – 2015)
Timeline
Interest rate management mechanism | Circulars and Decisions of the State Bank | Note | |
1995-August 1996 | Interest rate ceiling (TLS) for short-term, medium-term and long-term loans. LSCV – LSTG = 0.35%/month (VND) | -381/QD-NHNN1 December 28, 1995 -191/QD-NHNN1 July 15, 1996 -225/QD-NHNN1 August 27, 1996 | -Adjust TLS level -Adjust TLS level |
T.9/1996- T.8/2000 | Loosen interest rate policy, remove margin regulation between LSCV and LSTG, still maintain TLS on loans | -266/QD-NHNN1 September 27, 1996 -39/1998/QD- SBV1 January 17, 1998 -189/1999/QD- SBV1 May 29, 1999 -266/1999/QD- SBV1 July 30, 1999 -383//1999/QD- SBV1 October 22, 1999 | -Adjust TLSCV level -Adjust TLSCV level -Adjust TLSCV level -Adjust TLSCV level |
August 2000 | -Local currency interest rate = LSCB + 0.3%/month (short term) or 0.5%/month (medium, long term) -Foreign currency lending rate = SIBOR (3 months) + 1%/year (short term) or 2.5%/year (medium, long term) | -242/2000/QD- SBV1 August 2, 2000 -241/2000/QD- SBV1 August 2, 2000 -243//2000/QD- SBV1 August 2, 2000 | -Effective August 5, 2000 |
May 2001 | Foreign currency TLS lifted. Lenders and borrowers self-negotiated LS | 718/2001/QD-NHNN May 29, 2001 | Based on market interest international and |
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2002-2007 | Negotiable interest rate mechanism. The State Bank announces the basic interest rate based on the reference commercial interest rate for the best customers in the business. Commercial credit in VND | 546/2002/QD-NHNN May 30, 2002 | Lender and borrower agree on interest rate |
T. 02/2008 | Apply TLS mobilization (HD) 12%/year | Telegram 02/CD-NHNN dated February 26, 2008 | Control inflation, credit growth |
T. 05/2008 | Apply LSCB. LSCV, LSTG do not exceed 150% of the LSCB level set by SBV announce | 16/2008/QD-NHNN May 16, 2008 | Effective 19/05/2008 |
T. 02/2009 | LSCV agreed to serve life needs service | 01/2009/TT-NHNN January 23, 2009 | Validity 01/02/2009 |
T. 02/2010 | TLS US dollar (USD) deposits (TG) for economic organizations at credit institutions one year | 03/2010/TT-NHNN February 10, 2010 | Effective 11/02/2010 |
T. 04/2010 | LSCV in VND according to agreement mechanism | 12/2010/TT-NHNN April 14, 2010 | Validity April 14, 2010 |
T.03/2011 | TLSHĐ in VND 14%/year. No LSCB level specified | 02/2011/TT-NHNN March 3, 2011 | Effective 03/03/2011 |
April 2011 | Maximum capital TLSHĐ in USD | -09/2011/TT-NHNN April 9, 2011 -14/2011/TT-NHNN June 1, 2011 | -Effective April 13, 2011 - Adjust the TLSHĐ level, effectiveness June 2, 2011 |
T.09/2011 | TLSHĐ in VND No term (KH), KH <1 month: 6%/year KH > 1 month: 14%/year | 30/2011/TT-NHNN September 28, 2011 | Effective October 1, 2011 |
T.3/2012 | TLSHĐ in VND | 05/2012/TT-NHNN | Validity |
No term (KH), KH <1 month (Th): 5%/year KH > 1 Month: 13%/year | March 12, 2012 | March 13, 2012 | |
April 2012 | VND Non-term loan (KH), loan <1 month (Th): 4%/year KH > 1 Month: 12%/year | 08/2012/TT-NHNN April 10, 2012 | Effective 11/04/2012 |
May 2012 | VND Non-term loan (KH), loan <1 month (Th): 3%/year KH > 1 Month: 11%/year | 17/2012/TT-NHNN May 25, 2012 | Effective 05/28/2012 |
T.6/2012 | VND Non-term loan (KH), loan <1 month (Th): 2%/year KH: 1Th – < 12Th: 9%/year Customer ≥ 12 months: by TCTD decision | 19/2012/TT-NHNN June 8, 2012 | Effective 11/06/2012 |
T. 05/2012 | Short-term TLSCV LSCV=TLSHĐ (>1Th) + 3%/year | 14/2012/TT-NHNN May 4, 2012 | Effective 05/08/2012 |
T. 06/2012 | Short-term TLSCV in VND 13%/year serving some economic sectors and industries | 20/2012/TT-NHNN June 8, 2012 | Effective 11/06/2012 |
T.12/2012 | VND Non-term deposit (KH), KH <1 month: 2%/year KH: 1 Month – <12 Months: 8%/year KH ≥ 12 months: decided by the credit institution | 32/2012/TT-NHNN December 21, 2012 | Effective December 24, 2012 |
T.12/2012 | Short-term TLSCV in VND 12%/year serving some fields and industries economy | 33/2012/TT-NHNN December 21, 2012 | Effective December 24, 2012 |
T.03/2013 | Short-term TLSCV equals VND 11%/year service | 09/2013/TT-NHNN March 25, 2013 | Validity March 26, 2013 |
some fields, industries economy | |||
T.03/2013 | TLSHĐ in VND Term: 1 Month – < 12 Months: 7.5%/year | 08/2013/TT-NHNN March 25, 2013 | Effective March 26, 2013 |
May 2013 | Short-term TLSCV in VND 10%/year of service some economic sectors | 10/2013/TT-NHNN May 10, 2013 | Effective 05/13/2013 |
T.06/2013 | Short-term TLSCV in VND 9%/year serving some fields and industries economy | 16/2013/TT-NHNN June 27, 2013 | Effective June 28, 2013 |
T.06/2013 | VND Demand Deposit Interest Rate (KH), Term Deposit <1 month (Th): 1.2%/year KH: 1Th – <6Th: 7%/year Customer ≥ 6 months: decided by the credit institution | 15/2013/TT-NHNN June 27, 2013 | Effective June 28, 2013 |
T.03/2014 | VND Non-term loan (KH), loan <1 month (Th): 1%/year KH: 1Th – <6Th: 6%/year | 498/QD-NHNN dated March 17, 2014 | Effective March 18, 2014 |
T.03/2014 | Short-term TLSCV in VND 8%/year serving some fields and industries economy | 499/QD-NHNN dated March 17, 2014 | Effective March 18, 2014 |
Oct 2014 | VND Non-term loan (KH), loan <1 month (Th): 1%/year KH: 1Th – <6Th: 5.5%/year | 2173/QD-NHNN October 28, 2014 | Effective October 29, 2014 |
Oct 2014 | Short-term TLSCV in VND 7%/year serving some fields and industries economy | 2174/QD-NHNN October 28, 2014 | Effective October 29, 2014 |
Source: compiled from decisions on deposit and lending interest rates of the State Bank of Vietnam (www.sbv.gov.vn)
