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BIDV to cut loan interest rates
State-run BIDV, the country’s second-largest lender, said Thursday it would slash its dong and US dollar lending rates next week.
On Monday the Hanoi-based unlisted bank would reduce the rates by up to 1 percent on dong loans and 0.5 percent on US dollar loans, it said in a statement.
The rate on short-term dong loans would then go down to 15 percent, the statement said.
Businesses in the oil products, steel, cement, fertilizer and drugs industries would be able to borrow at 14 percent.
Dollar loans of up to three months would be offered at 5 percent.
BIDV’s rate reduction is the first among domestic banks and came just hours after Prime Minister Nguyen Tan Dung told parliament more interest rate cuts could be in store next year.
The central bank has cut benchmark rates twice since late October.
The BIDV rate cut “is a detailed action to implement an important target of the government at present which is to proactively prevent economic slowdown, stimulate production and business,” chairman Tran Bac Ha said in the statement.
Last Tuesday BIDV cut lending rates by up to 1.2 percent after the central bank announced it was slashing its rates to support economic growth.
Last month BIDV said the assets on its books were up 15 percent at the end of September from a year ago.
Reuters
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