September 12, 2017 / 6:02 AM / 10 months ago

Vietnam's prime minister calls for further rate cut

HANOI, Sept 12 (Reuters) - Vietnam’s prime minister has asked the central bank to try to cut its lending rate by a further 0.5 percentage point to help the country meet its economic growth target, a government statement said.

The State Bank of Vietnam cut its benchmark refinancing rate by 25 basis points to 6.25 percent in July while making 50 basis point cuts to lending rates for priority sectors.

The central bank should “strive to make a further cut of 0.5 percent to lending rates from now to the end of 2017,” Prime Minister Nguyen Xuan Phuc said in a statement published on the government website.

Phuc had asked all ministries and government bodies for help in meeting the 2017 growth target of 6.7 percent, the statement said.

The central bank made no immediate comment. (Reporting by Mi Nguyen; Editing by Gopakumar Warrier)

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