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The move is aimed to ease the pressure of a stronger US dollar on international markets.

A higher interest rate cap would have a direct impact on banks, businesses, and people.

The SBV set the credit growth target at 14% this year, higher than the 2020-21 period, which was 12.17% and 13.61%, respectively.

In the past months, the fact that many banks have seen their quota reaching the limits makes it hard for people and businesses to access loans.

PM Pham Minh Chinh hopes Standard Chartered Bank will help Vietnam increase its access to green funding on the country’s pursuit of green growth in the future.

In long term, transforming the higher education system will be key to boosting Vietnam’s productivity and helping achieve its goal of becoming a high-income country by 2045.

The banking industry needs to continue investing in shared payment and credit information infrastructures.

The room for cashless payments in Vietnam is huge.

The financing deal marks the largest mid- to long-term syndicated term loan facility ever raised by a commercial bank in Vietnam.

Better law-making would help Vietnam better adapt to changes in the region and the world.

The banking sector is set to continue promoting the use of non-cash payment methods with greater convenience and safety for the public.

The move is expected to help accommodate the momentum of the exchange rate and the pressure on foreign exchange reserves.

Such a move would help ensure that banks and credit institutions have the means to meet the demand for foreign exchange from individuals and organizations.

Against the backdrop of rising USD value, the Vietnamese Dong has depreciated by a mild margin of 2% compared to Thai’s Bath (down 7%), Japanese Yen (14.6%), and Taiwanese dollar (5%).

The banking sector stands ready to provide sufficient capital for economic development.

The Government’s efforts have resulted in a modest rise of 0.09% in the average interest rates against early 2021.