The State Bank of Vietnam's press conference on monetary policy management and banking performance in the first half of 2023. Photo: VOV

Tu addressed Wednesday’s press conference on monetary policy management and banking performance in the first half of this year. He said capital continues to be channeled to production-business, priority areas, and potential risk areas to be under control.

The State Bank cut the interest rates four times by 0.5 to 2.0% per year from March to June to remove difficulties facing the economy, businesses and people, according to Deputy Governor Tu. 

“In the first months of this year, the bank's credit growth was impacted by post-pandemic difficulties and global economic uncertainty. However, big targets can be guaranteed by the State Bank. They are macroeconomic stability, inflation control, stable value of the currency, and drastic management of interest rates.”

The State Bank said it will continue to work with commercial banks and encourage credit institutions to reduce costs to stabilize lending interest rates to enable businesses to recover and thrive.