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

See more

VinFast showcases its complete range of electric vehicles at the BIMS 2024 exhibition. (Photo: VNA)

Vietnamese products rise from villages to global markets

Many Vietnamese brands like VinFast, Hoa Phat, Viettel, Vinamilk, and GrowMax have steadily increased their market share at home, expanded their export markets, and built production and value chains, all while contributing to the country’s economic growth.

At the forum (Photo: baoquocte.vn)

Vietnam – a land of opportunities for Nordic firms

Ole Linnet Juul, Senior Chief Advisor of the Confederation of Danish Industry, commended Vietnam’s recent strides, particularly in institutional reforms, technological advancements, innovation, and digital transformation.

Apartments building in HCM City. 2025 is predicted to be a crucial foundation year for the real estate sector in HCM City. (Photo baoxaydung.com.vn)

HCM City real-estate market predicted to recover this year

2025 will serve as a crucial foundation year for the real estate sector in Ho Chi Minh City, marking the path towards a full recovery by 2026 after facing challenges caused by COVID-19 and economic recession, experts predicted.

The Commission for Management of State Capital at Enterprises transfers the rights and responsibilities of the agency representing state capital ownership to the Ministry of Finance. (Photo: VNA)

State capital ownership rights transferred to Ministry of Finance

After merging with the Ministry of Planning and Investment and receiving 18 state-owned groups and corporations from the Commission for Management of State Capital at Enterprises (CMSC), the Ministry of Finance acts as the 'backbone' of the economy, managing all financial resources from public investment and resources from these groups and corporations, to foreign loans.

At the ceremony on February 28 to officially transfer MobiFone Telecommunications Corporation from the commission to the Ministry of Public Security. (Photo: VNA)

State-owned MobiFone now under Ministry of Public Security

MobiFone's profit before tax in 2024 was estimated at over 2 trillion VND (78.23 million USD), exceeding its annual target by 20.6%. The corporation's digital services sector has witnessed high growth rates across many products and services, including MobiFone Meet (1,050%), Cloud (312%), mobiAgri (49%), and MobiFone Invoice (58%).

Investors monitor the development of the stock market at MB Securities JSC (Photo: VNA)

Vietnam pushes to elevate stock market

Vietnam will create favourable conditions for the stock market to develop more breakthrough and innovative products, enhancing the quality of market offerings and attracting more investors.