Commercial banks lower loan interest rates

Following the State Bank of Vietnam cut the interest rate of short-term loan for some prioritized sectors, commercial banks in Ho Chi Minh City have reduced loan interest rates.
Vietnam Bank for Agriculture and Rural Development, or Agribank, offers the interest rate of 6.5 percent a year for short-term loans and 8 percent for medium and long-term ones for prioritized people as per the circular 39/2016/TT-NHNN from July 10.
Additionally, Agribank continued to cut its activity expenses to improve business and then lower loan interest rate for special sectors and lower fees in a bid to share difficulties with customers.
Meantime, VPBank also announced a decreased loan interest in short term for small and medium enterprises (SME); accordingly, short term loans for SME will go down by 0.5-1 percentage points. The new interest rate will be applied from July 10.
Since July 8, LienVietPostBank cut 0.25 percentage point for loans of all terms for enterprises with healthy activities.
Moreover, some prioritized sector will enjoy interest rate of 6 percent a year for short-term loans which 0.5 percentage point lower than the government’s the interest rate ceiling.

By HAM YEN - Translated by UYEN PHUONG

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