Banks begin to ease lending rates
Bank lending interest rates in Ho Chi Minh City have dropped to as
low as 17 percent as banks have begun to cut rates that had reached up
to 25 percent.
Bank lending interest rates in Ho Chi Minh City have dropped to as
low as 17 percent as banks have begun to cut rates that had reached up
to 25 percent.
The Export and Import Joint Stock Commercial Bank (Eximbank) was one of the first off the blocks, offering exporters additional loans at preferential interest rates to buy products or raw materials and for working capital.
They can get 36-month dong loans at 17 percent or six-month dollar loans at 7 percent.
These rates are the lowest in the market, and Eximbank said they would remain unchanged for the full term of the loans.
It said it had to combine many different factors to cut the interest rates to such low levels. The bank's general director, Truong Van Phuoc, said to avail loans under the programme, all customers had to do was to sell their foreign exchange earnings to the bank.
Eximbank planned to lend around 1 trillion VND (4.8 billion USD) under the programme by the end of September, he added.
The Technological Commercial Joint Stock Bank, or Techcombank, has rolled out a programme called "Preferential loans for agro-forestry, fishery industries" with an interest rate of 19.5 percent. It will run from August 18 to December 31.
Again, borrowers have to sell all their dollar earnings from exports to the bank.
An Binh Joint Stock Commercial Bank has launched a loan programme for individuals and households for production activities at a discount of 1.5 percent from its current 21 percent rate.
ABBank is also one of the first to resume consumer loans.
It has tied up with Sai Gon Ford Company to offer personal loans to individuals for buying cars at 1 percent lower than its current 23 percent rate./.
The Export and Import Joint Stock Commercial Bank (Eximbank) was one of the first off the blocks, offering exporters additional loans at preferential interest rates to buy products or raw materials and for working capital.
They can get 36-month dong loans at 17 percent or six-month dollar loans at 7 percent.
These rates are the lowest in the market, and Eximbank said they would remain unchanged for the full term of the loans.
It said it had to combine many different factors to cut the interest rates to such low levels. The bank's general director, Truong Van Phuoc, said to avail loans under the programme, all customers had to do was to sell their foreign exchange earnings to the bank.
Eximbank planned to lend around 1 trillion VND (4.8 billion USD) under the programme by the end of September, he added.
The Technological Commercial Joint Stock Bank, or Techcombank, has rolled out a programme called "Preferential loans for agro-forestry, fishery industries" with an interest rate of 19.5 percent. It will run from August 18 to December 31.
Again, borrowers have to sell all their dollar earnings from exports to the bank.
An Binh Joint Stock Commercial Bank has launched a loan programme for individuals and households for production activities at a discount of 1.5 percent from its current 21 percent rate.
ABBank is also one of the first to resume consumer loans.
It has tied up with Sai Gon Ford Company to offer personal loans to individuals for buying cars at 1 percent lower than its current 23 percent rate./.
You should also see
InfographicQuang An listed among the coolest streets in the world
Quang An Street in Tay Ho district, Hanoi, has been listed among the 30 coolest streets in the world by the British travel magazine Time Out.
See more
Business
HCM City moves towards Net Zero
Ho Chi Minh City is building a project to restructure its industry towards sustainable development in the 2025-2030 period, with a vision to 2050, prioritising the use of high technology and reducing emissions towards net zero emissions by 2050.
Business
Old loans must endure higher interest rates temporarily: central bank
The average lending interest rate for new loans by commercial banks is reported at around 6.4% per year, a decrease of 0.7 percentage point per year compared to the end of last year. However, borrowers with loans issued before the latest rate adjustment still must pay higher rates, according to the State Bank of Vietnam (SBV).
Business
Vietnam among top domestic infrastructure investors: Ambassador
Vietnam is one of the leading countries in Asia in terms of investment for infrastructure development, allocating 5.7% of its Gross Domestic Product (GDP) to projects in this field, said Ambassador Dang Hoang Giang, Permanent Representative of Vietnam to the United Nations (UN).
Business
Vietjet adds more flights to Dien Bien
To meet the rising demands to visit Dien Bien of people and tourists during the celebration of the 70th anniversary of the Dien Bien Phu victory, Vietjet increased the frequencies of flights between Hanoi, Ho Chi Minh City and the northwestern province to 28 per week.
Videos
Agro-forestry-fisheries products nearly double in Q1
Total export revenue from agro-forestry-fisheries products in the first three months of this year is estimated at over 13.5 billion USD, up nearly 22% over the same period last year, according to the Ministry of Agriculture and Rural Development.
