Vietnam's central bank has directed lenders to lower deposit and lending rates to support businesses and economic growth, while stressing the need to contain inflation, maintain credit quality and protect the banking system.

The State Bank of Vietnam has ordered banks to cut deposit rates by at least 0.5 percentage points for terms of six months or longer, while warning against aggressive rate competition that could threaten financial and monetary stability.

Vietnam's central bank governor convened top commercial bank executives on October 19, requiring their personal attendance after ordering immediate cuts to deposit and lending rates to support economic growth and safeguard financial stability.