Move reflects uncertain global outlook, weaker GDP growth
Vietnam cut several policy rates on March 14
SBV prioritizing controlling inflation
Slump in overseas orders impacting manufacturers

HANOI, March 31 Reuters Vietnam39;s central bank said on Friday it will cut its refinance rate by 50 basis points effective April 3, bucking the regional trend as it maintains its focus on supporting economic growth amid global uncertainty.

The move brings the refinance rate to 5.5, while the discount rate will remain unchanged at 3.5, the State Bank of Vietnam SBV said.

It follows the central bank39;s surprise decision earlier this month to cut several policy rates its first policy easing since late 2020 after a series of interest rate increases.

In order to extricate the obstacles for the economy, businesses and citizens, the SBV decided a further cut on the policy rate, it said in a statement late on Friday.

Vietnam39;s economic growth slowed to 3.32 in the first quarter from 5.92 in the fourth quarter of 2022.

The decision reflected an uncertain global outlook, with inflation in several countries high and Vietnam39;s economic growth lower than had been anticipated, the SBV said, adding that domestic inflation was under control.

The announcement came just hours after a senior central bank official said the U.S. Federal Reserve39;s move to slow its rate hikes meant Vietnam would consider further rate cuts in future.

Vietnam, a regional manufacturing powerhouse, has…