Công văn 5065/NHNN-CSTT

On 2 July 2010, Vietnam Banks Association issued the letter No. 94/HHNH regarding the fact that commercial banks had agreed to keep reducing interest rate of mobilization and lending in Vietnamese Dong that is in line with Resolutions of the Government and objectives, solutions of managing monetary policy of the State Bank of Vietnam. In order to facilitate commercial banks to carry out the united reduction of interest rate, besides the active, flexible and cautious management of monetary policy; the State Bank of Vietnam hereby requires commercial banks and State Bank branches in provinces, cities as follows:

1. General Managers of commercial banks shall correctly implement the contents agreed upon between members of Vietnam Banks Association about the reduction of interest rate applicable to capital mobilization in Vietnamese Dong under the Letter No. 94/HHNH.

2. Managers of the State Bank branches in provinces, cities shall be responsible for inspection, supervision over the reduction of interest rate applicable to Vietnamese Dong mobilization of commercial banks (branches) in the locality in line with the content agreed upon by and between Members of Vietnam Banks Association; immediately applying necessary measures and within their competence, dealing with General Managers of commercial banks, Managers of commercial banks' branches who violate agreed contents regarding interest rates, at the same time, timely making report on settlement result to Governor of the State Bank of Vietnam