State-owned banks, including VietinBank, offer new preferential interest rates for short-term loans from today (Photo VietinBank) Hanoi (VNS/VNA) - Some banks have unexpectedly announced they would cut interestrates on VND loans in the Government’s priority sectors to support firmsin 2019, starting from August 1.
Le Duc Tho,VietinBank’s chairman, said this is the second time banks have cut lendingrates this year to follow up on the Government’s instructions to supportdomestic production and businesses, contributing to promoting the country’s economicgrowth.
Under the move,State-owned banks, including Agribank, VietinBank, Vietcombank and BIDV havereduced the rate by 0.5-1 percentage points per year for loans to firms in theGovernment’s priority sectors.
BIDV has applied thenew maximum rate at 5.5 percent per year, down 1 percentage point against thecap regulated by the central bank, from August 1 until the end of the year. Therate cut is offered to priority businesses in the fields of export, supportingindustries and advanced technology.
BIDV has launched twopreferential credit packages worth a combined 70 trillion VND (3 billion USD),with an interest rate cut by 0.5 percentage point per year versus last month’srate. Of which, the first credit package is worth 60 trillion VND for small-and medium-sized firms, and the short-term package is worth 10 trillion VND formicro firms and start-ups.
Vietcombank has alsoapplied interest rates for VND short-term loans at a maximum of 5.5percent per year, dipping 1 percentage point against the central bank’s ceilingrate. The rates are applicable to old and new loans taken out by borrowers inpriority sectors.
A Vietcombankrepresentative said that the interest rate reduction is being applied on a widescale, with loans enjoying rate cuts accounting for 38 percent of the bank’scurrent funding for short-term loans and 20 percent of its total outstandingloans in VND.
Aside fromState-owned commercial banks, domestic joint stock banks have joined theprovision of preferential rates. According to Techcombank, customers who areretailers, small and medium-sized firms are subject to its preferentialinterest rates.
This is the secondtime year-to-date that local banks have lowered lending rates to supportcorporate customers. Early this year, four State-owned commercial banks –Vietcombank, Vietinbank, BIDV and Agribank – reduced their rates by 0.5percentage point for firms in the priority sectors, including agriculturebusinesses, firms producing goods for export, small- and medium-sizedenterprises, enterprises operating in auxiliary industries and high-techenterprises including start-ups.
Experts said thelowering of lending rates was a sudden move, especially as deposit interestrates have continually been revised upward recently.-VNS/VNA
Le Duc Tho,VietinBank’s chairman, said this is the second time banks have cut lendingrates this year to follow up on the Government’s instructions to supportdomestic production and businesses, contributing to promoting the country’s economicgrowth.
Under the move,State-owned banks, including Agribank, VietinBank, Vietcombank and BIDV havereduced the rate by 0.5-1 percentage points per year for loans to firms in theGovernment’s priority sectors.
BIDV has applied thenew maximum rate at 5.5 percent per year, down 1 percentage point against thecap regulated by the central bank, from August 1 until the end of the year. Therate cut is offered to priority businesses in the fields of export, supportingindustries and advanced technology.
BIDV has launched twopreferential credit packages worth a combined 70 trillion VND (3 billion USD),with an interest rate cut by 0.5 percentage point per year versus last month’srate. Of which, the first credit package is worth 60 trillion VND for small-and medium-sized firms, and the short-term package is worth 10 trillion VND formicro firms and start-ups.
Vietcombank has alsoapplied interest rates for VND short-term loans at a maximum of 5.5percent per year, dipping 1 percentage point against the central bank’s ceilingrate. The rates are applicable to old and new loans taken out by borrowers inpriority sectors.
A Vietcombankrepresentative said that the interest rate reduction is being applied on a widescale, with loans enjoying rate cuts accounting for 38 percent of the bank’scurrent funding for short-term loans and 20 percent of its total outstandingloans in VND.
Aside fromState-owned commercial banks, domestic joint stock banks have joined theprovision of preferential rates. According to Techcombank, customers who areretailers, small and medium-sized firms are subject to its preferentialinterest rates.
This is the secondtime year-to-date that local banks have lowered lending rates to supportcorporate customers. Early this year, four State-owned commercial banks –Vietcombank, Vietinbank, BIDV and Agribank – reduced their rates by 0.5percentage point for firms in the priority sectors, including agriculturebusinesses, firms producing goods for export, small- and medium-sizedenterprises, enterprises operating in auxiliary industries and high-techenterprises including start-ups.
Experts said thelowering of lending rates was a sudden move, especially as deposit interestrates have continually been revised upward recently.-VNS/VNA
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