State Bank Of Vietnam

The initiative aims to make cross-border transactions faster, more transparent and cost-efficient, and assure benefits and obligations of consumers.

After the last two interest rate cuts, lending rates on the market have fallen to below 8% per annum.

Amidst the global uncertainties, the Central Bank has been buying back foreign currencies to ensure an adequate trade balance and economic stability.

Vietnam is among five economies removed from the monitoring list for "having met only one out of three criteria for two consecutive reports."

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

Monetary policy should be maneuvered in a flexible and active manner to ensure sustainable growth and stability of both monetary and foreign-exchange markets, said the Party chief Nguyen Phu Trong.

The central bank will continue to monitor actual economic situation and that of the pandemic to expand credit support appropriately.

Demand for credit may increase sharply since the second quarter, especially in fields of industrial production, exports, trade and tourism, said a senior official of the central bank.

As the government looks to push for public investment and the central bank keeps a low interest rate environment to aid economic growth, banks are expected to be the first beneficiaries from an economic rebound.

The Central bank has lowered its interest rate cap three times by a combined of 1.5-2 percentage points per annum, which is the largest cut in the region.