Commercial banks reduce lending interest rates

Many State-owned commercial banks and credit organsations have their reduced their lending interest rates after the State Bank of Vietnam announced that the basic interest rate applied from September 1 to be maintained at 14% per annum.

State-owned commercial banks and the Joint Stock Bank for Foreign Trade of Vietnam (Vietcombank) have announced their reduction of 0.5% to 1% per annum in lending interest rates compared to the maximum allowed rate of 21% per annum.

The Bank for Industrial and Developmet of Vietnam’s highest lending interest rate is 20% a year while the rate applied to priotised customers is 18.2% a year. The figures were 20.2% a year and 19.5% a year at the Industrial and Commercial Bank of Vietnam respectively.

At Agribank, the figures were 20% and 19.2% respectively while at Vietcombank, they were 20.5% and 19.5% respectively.

The banks said that their reduction of lending interest rates are aimed to sharing difficulties with enterprises and borrowersto promote production and trading activities.

ND

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