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BIDV further cuts lending rates
The Bank for Investment and Development of Vietnam today announced further cut in its lending rates, in response to the State Bank of Vietnam's reduction of benchmark rate to 11% per year.
This has been the eighth cut in lending interest rates over the past four months by BIDV.
Accordingly, the maximum lending interest rate for short-term loans will be applied to all BIDV customers.
Especially, those customers that produce major essential commodities including energy, petrol, steel, cement, fertiliser, medicine small and medium-sized enterprises, loans to support exports and buy rice for exports will enjoy a maximum short-term lending interest rate of 13% a year.
The maximum lending interest rate for long and medium-term loans is 14.8%.
Thus, from early November to date, BIDV has cut its lending interest rates by three times for loans in VND with a sharp reduction of 3.2% a year for short-term loans and 4.1% a year for medium and long term loans.
BIDV General Director Tran Anh Tuan affirmed that the move is aimed at implementing BIDV's measure package to promote production and trading and sharing difficulties with enterprises.
Nhan Dan
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