HANOI (Reuters) - Vietnamese banks should consider cutting operational costs, bonuses and cash dividends to focus on reducing interest rates amid the spread of the coronavirus, the central bank said on Tuesday.
The State Bank of Vietnam (SBV) said controlling inflation and macroeconomic stability were top priorities.
"Banks should actively review and cut operational expenses, especially salaries and bonuses, and promptly adjust business and financial plans to suit the current situation," it said in a statement.
"Cash dividends should not be allocated this time to focus resources on reducing lending interest rates on current and new loans."
The SBV earlier cut key policy rates to prop up the economy and said it had enough foreign currency resources to intervene in the foreign-exchange market if necessary.
Vietnam's economy grew at its slowest pace in a decade in the first quarter, hit by the pandemic and the slow global economy, government data showed.
The Southeast Asian nation has 204 coronavirus infections, but reported no deaths, with more than 75,000 people in quarantine.
(Reporting by Phuong Nguyen; Editing by Andrew Heavens and Nick Macfie)
