The State Bank of Vietnam has just issued Decision 920/QĐ-NHNN on the maximum short-term loan interest rate in Vietnam dong as prescribed in Clause 2, Article 13 of Circular 39/2016/TT-NHNN of December 30th, 2016. 2016 and takes effect from the date of signing, and this Decision also replaces Decision 420/QĐ-NHNN issued by the State Bank of Vietnam on March 16th, 2020.
Accordingly, the regulation on interest rates for short-term loans are as follows:
Credit institutions and foreign bank branches (except people’s credit funds and microfinance institutions) shall offer short-term loans in Vietnam Dong with the maximum interest rate of 5.0%/year (0.5% / year lower than before)
People’s credit funds and microfinance institutions shall offer short-term loans in Vietnam Dong with the maximum interest rate of 6.0%/year (0.5% / year lower than before)
The interest rate applicable to credit contracts and loan agreements signed before May 13th, 2020 is continued to be implemented according to signed contracts and agreements in accordance with the provisions of law at the time of signing.