Vietcombank lowers lending interest rates

Hanoi (VNA) - The Bank for Foreign Trade of Vietnam (Vietcombank) will lower short-term lending rates to support enterprises, including start-ups, from October 15 under the instruction of the State Bank of Vietnam (SBV).

The beneficiaries are enterprises operating in five priority fields as identified in the SBV’s Circular No. 08/2014/TT-NHNN dated March 17, 2014, which are agriculture and rural development, export, small- and medium-sized enterprises (SOEs), supporting industry, and hi-tech enterprises.

The bank will adjust its interest rate for all outstanding short-term loans to six percent per annum at maximum, one percent lower than the current interest rates.

The same interest adjustment is applicable to outstanding short-term loans of start-ups.

For borrowers with good business and using Vietcombank’s service packages, the bank will consider further interest rate cut, possibly 5 percent per annum.

The preferential rate will be applied until December 31, 2016.
Previously in April and May, the bank was also the pioneer to reduce its medium and long-term lending interest rates for enterprises affected by the unusual mass fish death in a number of central provinces.-VNA