Vietnam policy interest rate
State Bank of Vietnam refinancing rate (lai suat tai cap von), the headline policy rate at which SBV lends to credit institutions.
| Current value | 4.5 percent per annum |
|---|---|
| In force from | 2023-06-19 |
| Official source | Quyet dinh so 1123/QD-NHNN ngay 16/6/2023 cua Thong doc Ngan hang Nha nuoc Viet Nam ve lai suat tai cap von, lai suat tai chiet khau, lai suat cho vay qua dem trong thanh toan dien tu lien ngan hang (effective 19/6/2023; replaced Quyet dinh 950/QD-NHNN ngay 23/5/2023) |
| Last verified | 2026-07-20 |
| Verification | primary — No verification limitation recorded — read from the official source cited. |
| Provenance | source fingerprint |
What this value means
Refinancing rate 4.50%/yr, unchanged since 19 June 2023 - the fourth and final cut of the 2023 easing cycle (5.0% -> 4.5%). Companion rates set by the same decision and also unchanged: rediscount rate (lai suat tai chiet khau) 3.00%/yr; overnight lending rate in interbank electronic payment and lending to cover clearing shortfalls 5.00%/yr. SBV does not operate a single 'benchmark' rate in the inflation-targeting sense: it runs a corridor (rediscount floor 3.0% / overnight ceiling 5.0%) alongside administrative caps on deposit rates and on short-term VND lending to priority sectors, plus annual credit-growth quotas (room tin dung) which in practice are a more binding instrument than the price of money. The refinancing rate is served here as the conventional headline policy rate. No rate change through the first half of 2026 despite CPI running above 4.3% y/y; SBV has publicly signalled it intends to hold rates to support growth. ACCESS QUIRK: the SBV site (sbv.gov.vn) returned HTTP 404 on its interest-rate landing path on 2026-07-20 and its structure changes frequently; the citation used is Tap chi Ngan hang, the State Bank's own official journal (tapchinganhang.gov.vn), reporting the decision - an SBV organ, not third-party press. The decision number and rates were cross-checked against Deposit Insurance of Vietnam (div.gov.vn) and provincial government portals.
Get it programmatically
curl https://asiaref.dev/v1/vn/policy-rate
# $0.001 per call — x402 on Base (USDC). No key, no signup.
# History: curl https://asiaref.dev/v1/vn/policy-rate/history?from=2020-01-01
# Provenance: curl https://asiaref.dev/provenance/vn/policy-rateOther Vietnam series: VAT rate · minimum wage · public holidays · inflation rate (CPI) · corporate tax rate · income tax rates