Members of the Vietnam Banks Association (VNBA) have agreed to lower mobilising rates in Vietnamese dong and continue to reduce lending rates to boost business and production activities.
According to the VNBA’s announcement, state commercial banks on July 5 began cutting their mobilising rates to 11 percent per year for and joint stock commercial banks reducing the rate to 11.2 percent per year.
Commercial banks have also agreed not to apply any form of direct incentive including cash and interest rate bonus.
State commercial banks reduced their lending interest rates to 12-12.5 percent per annum late last month for farming households, small and medium-sized enterprises and export companies.
Following the lending rates cuts offered by state banks, four joint stock banks - Hanoi Building Joint Stock Bank (Habubank), Maritime Bank, Saigon Thuong Tin Commercial Joint Stock Bank (Sacombank) and the Asia Commercial Joint Stock Bank (ACB) – have started readjusting their lending rates to 12.5-13.5 percent per year.
Experts said the consensus reached among VNBA’s members will make a good foundation for commercial banks to cut input costs and be able to slash lending rates to all borrowers to start up and expand business./.
According to the VNBA’s announcement, state commercial banks on July 5 began cutting their mobilising rates to 11 percent per year for and joint stock commercial banks reducing the rate to 11.2 percent per year.
Commercial banks have also agreed not to apply any form of direct incentive including cash and interest rate bonus.
State commercial banks reduced their lending interest rates to 12-12.5 percent per annum late last month for farming households, small and medium-sized enterprises and export companies.
Following the lending rates cuts offered by state banks, four joint stock banks - Hanoi Building Joint Stock Bank (Habubank), Maritime Bank, Saigon Thuong Tin Commercial Joint Stock Bank (Sacombank) and the Asia Commercial Joint Stock Bank (ACB) – have started readjusting their lending rates to 12.5-13.5 percent per year.
Experts said the consensus reached among VNBA’s members will make a good foundation for commercial banks to cut input costs and be able to slash lending rates to all borrowers to start up and expand business./.
