Business

Banks cut lending rates to support pandemic-hit clients

The Vietnam Bank for Agriculture and Rural Development (Agribank) on July 15 said it will cut lending rates in Vietnam dong for the fifth time.
Banks cut lending rates to support pandemic-hit clients ảnh 1Illustrative photo (Source: VNA)
Hanoi (VNA) –The Vietnam Bank for Agriculture and Rural Development (Agribank) on July 15 saidit will cut lending rates in Vietnam dong for the fifth time.

Accordingly,the bank will reduce interest rates by 10 percent for short-term loans with an annual interestrate of at least 5 percent, and mid-and long-term loans with an interest rateof no less than 7 percent.

The interest rate cut will worth about 5.5 trillion VND (239 million USD).

The programme,to last until December 31, will be rolled out at all 2,300 transaction sites of Agribank in the country.

Besides, Agribank has restructured loans, provided free-of-charge domestic money transfer services, and donated more than 130 billion VND to the COVID-19 combat.

The same day, theAsia Commercial Joint Stock Bank (ACB) announced that the lending rates of itsshort-term loans will be cut by a maximum 0.8 percentage points and that of mid and long-term loans, by 1 percentage point, to be applied to existing loans.

The bank will adjust the lending rates for both individual and organisation clients between July 15 and October 15.

On July 14, Saigon Thuong Tin Commercial Joint Stock Bank(Sacombank) was the first to cut its lending rates following a meeting between the State Bank and credit organisations. It adjusted the annual rates down by 1 percentage point for outstanding loans of businesses and individuals affected by COVID-19, such as those operating intourism, transportation, catering and lodging services, education and healthcare.

GeneralSecretary of Vietnam Bankers Association Nguyen Quoc Hung told the VietnamNews Agency (VNA) that more banks are expected to follow suit from now tillthe end of this year to assist pandemic-hit clients.

At the July 12 meeting between the State Bank and credit organisations, credit institutions reached a consensus on reducing lending rates to support businesses and citizens, with a focus on businesses suffering most from impacts of the COVID-19 pandemic./.
VNA
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