Local lenders are encouraged to provide incentives and attract individuals to take out consumer loans.

Gold trading firm SJC and lender ACB are the two successful bidders at the auction held today.

Domestic gold prices have surged in recent weeks amid rising geopolitical tensions.

However, Vietnam was placed back on a US Treasury currency "watch list".

The initiative aims to make cross-border transactions faster, more transparent and cost-efficient, and assure benefits and obligations of consumers.

After the last two interest rate cuts, lending rates on the market have fallen to below 8% per annum.

Amidst the global uncertainties, the Central Bank has been buying back foreign currencies to ensure an adequate trade balance and economic stability.

Vietnam is among five economies removed from the monitoring list for "having met only one out of three criteria for two consecutive reports."

The move is aimed to ease the pressure of a stronger US dollar on international markets.