Business

Banks cut interest rates to support firms

Starting from January 10, four State commercial banks will lower interest rates to support domestic firms operating in five prioritised sectors as stipulated by the State Bank of Vietnam.
Banks cut interest rates to support firms ảnh 1Illustrative image (Photo: VNA)
Hanoi (VNA) – Starting fromJanuary 10, four State commercial banks will lower interest rates to supportdomestic firms operating in five prioritised sectors as stipulated by the StateBank of Vietnam.

The information was revealed during aconference of the banking sector held on January 9 to launch tasks in 2019.

The four banks are the Joint StockCommercial Bank for Foreign Trade of Vietnam (Vietcombank), the Bank forInvestment and Development of Vietnam (BIDV), the Vietnam Bank for Agriculturaland Rural Development (Agribank), and the Vietnam Joint Stock Commercial Bankfor Industry and Trade (Vietinbank).

Accordingly, Vietcombank set the ceiling of6 percent in annual interest rates for short-term loans in Vietnamese dong,applicable for all unpaid loans and new ones that incur in 2019.

In addition, the bank will reduce the perannum interest rates for outstanding mid- and long-term loans by 0.5 percent in2019.

Meanwhile, Agribank and Vietinbank will reducetheir lending interest rates by 0.5 percent, said the banks’ representatives.

The five priority sectors stipulated by theState Bank of Vietnam are agriculture and rural development; export; small- andmedium-sized enterprises; supporting industries; and hi-tech production.-VNA
VNA
#commercial banks #State Bank of Vietnam #interest rates #five prioritised sectors #banking sector #Vietcombank #BIDV #Agribank #Vietinbank #lending interest #vietnamplus #Vietnam News Agency
Follow VietnamPlus

Related News

Banks race to issue bonds for capital hike

Banks race to issue bonds for capital hike

Many banks have issued a large amount of bonds to raise capital in a move to meet high demand during year-end’s peak lending season and prepare to meet the State Bank of Vietnam (SBV)’s regulations on tightening the use of short-term funds for long-term loans from early next year.
Central bank warns of P2P lending

Central bank warns of P2P lending

The State Bank of Vietnam (SBV) has warned local people and firms to consider carefully and be cautious before taking part in peer-to-peer (P2P) lending as there are many potential risks related to the service.

See more

At the opening ceremony of HortEx Vietnam 2025 (Photo: VNA)

HCM City HortEx showcases agricultural technologies, smart farming

HortEx Vietnam 2025 also serves as a gathering place for businesses, cooperatives, and agricultural producers from more than 16 provinces and cities across Vietnam, providing an excellent opportunity for local enterprises to exchange knowledge, learn from international experience, access new technologies, and expand their markets.

Hyundai Accent remains the best-selling model, with 455 units delivered to customers in February. (Photo: VNA)

Hyundai auto sales remain stable in February

In February, Hyundai Accent remained the best-selling model, with 455 units delivered to customers. It was followed by Hyundai Tucson with 403 units, Hyundai Stargazer with 304 cars, and Hyundai Creta with 303 vehicles.

Prime Minister Pham Minh Chinh speaks at the second meeting of the National Steering Committee for Financial Inclusion in Hanoi on March 12. (Photo: VNA)

PM requests stronger efforts to ensure comprehensive, equitable financial access

PM Pham Minh Chinh, who is also head of the steering committee, highlighted the significance of the strategy for the country's socio-economic development, saying that it enables individuals and businesses to access essential financial resources and services for development, improving living standards of the people, and promoting savings and investment.

Manufacturing toys for export at Bilion Max Vietnam Export Processing Co. Ltd. in Hue city. (Photo: VNA)

Vietnam’s economy poised to grow 6.8% this year: WB

“Vietnam is projected to maintain robust economic growth over the next two years, but it can use its fiscal space to better prepare for heightened uncertainties”, said Mariam J. Sherman, World Bank Director for Vietnam, Cambodia and Laos at a press conference.

A shopping mall in HCM City. The retail property market in HCM City is expected to see further growth this year. (Photo: gkg.com.vn)

HCM City retail property market expected to heat up

In 2025, the commercial real estate market, especially in HCM City, is forecast to undergo significant positive changes, with an improved supply. It can be said that this segment will "transform" to recover for a new growth cycle.

Illustrative image (Photo: VNA)

Measures needed to boost business optimism: VCCI

According to the Ministry of Planning and Investment, there are currently 940,000 active enterprises, falling short of the target of one million by 2020 and 1.5 million by the end of the year.

Site clearance has been completed for the Metro Line No.2 project. (Photo: sggp.org.vn)

HCM City to use municipal budget for Metro Line No. 2 project

The Metro Line No. 2 project has an estimated investment of nearly 47.9 trillion VND (2 billion USD) and has nearly completed land clearance, at 99.8%. The NA’s Resolution 188 authorises HCM City to develop seven metro lines spanning 355 kilometres over the next decade, with preliminary total investment for the 2025-2035 phase estimated at 40.2 billion USD.