Analysts believe that loan interest rates will soon cool down following management from the central bank and moves by commercial banks.

Figures reveal that 12 banks have committed to cut rates from 0.5-3 percentage points per annum.

Sixteen commercial banks have agreed to cut their lending interest rates from July 15, 2021, to the end of the year, with customers saving an estimated VND20.61 trillion ($906.11 million). In which, four State-owned commercial banks committed to a dedicated support package of VND4 trillion ($175.81 million) to reduce interest rates and service fees.