Banks continue to lower loan interest rates

Several commercial banks in Vietnam have lowered their loan interest rates after the new deposit interest rate of 11 per cent per annum took effect on May 28.

Bank for Investment and Development of Vietnam (BIDV) offered an interest rate of 12-13 per cent per annum on short-term loans for clients who met its credit conditions, while it offered a ceiling interest rate of 13 per cent per annum for preferred subjects, including agriculture and rural area development; small and medium enterprises; and export companies.

On May 28, BIDV launched a preferential credit package for real estate companies, worth VND1 trillion with cash limit of 90 per cent and time limit of 180 months. The programme will end by July 31 this year or until the entire package is disbursed. BIDV will apply an interest rate of 14.2 per cent per annum for the first three months of the loan, one of the best rates in the current market.

By Bao Minh – Translated by Thuy Doan

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