The group of the four biggest State-owned banks (Big 4) have launched preferential loan packages with interest rate reductions of up to 3% per year to lower short-term lending rates to only 7% per year.
Loans of pandemic-hit enterprises will enjoy an interest rate cut of 2 per cent under a government support package to remove difficulties for the businesses.
The Vietnam Aviation Business Association (VABA) has proposed the Government lend domestic airlines a credit package of between 25-27 trillion VND (1.08-1.17 billion USD) at a preferential interest rate for a three-four year term.
Governor of the State Bank of Vietnam (SBV) Le Minh Hung has called on commercial banks to urgently simplify lending procedures to help COVID-19-affected firms easily access preferential interest rate loans.
The Saigon Hanoi Bank (SHB) recently announced that it will launch a 2.5 trillion VND credit package with preferential interest rate from 6.5 percent per year for SMEs.
Commercial banks and financial companies are fiercely competing for a slice of the profitable personal loans market as demand often rises sharply at the end of the year.
The Vietnam Bank for Agriculture and Rural Development (Agribank) has decided to provide a credit package worth 20 trillion VND (887 million USD) with a preferential interest rate for businesses.
Business
