Large banks reduce loan interest rates

Several large commercial banks have begun lowering loan interest rates, following the State Bank of Vietnam’s reduction in the caps on deposit and loan interest rates in Vietnamese dong and US dollar late October.

(Photo: VNA)

The Bank for Investment and Development of Vietnam (BIDV) yesterday said that the interest rate on Vietnamese dong loans would reduce from 0.5-0.8 percent per year for short terms from November.

The rate has dropped to 7 percent per year to five priority fields including agriculture and rural development, exports, small and medium enterprises, support industry and hi-tech applying enterprises.

BIDV has also supplied credit packages for export and import, seafood and social housing.

Earlier, the Vietnam Bank for Agriculture and Rural Development (Agribank) caped short term loan interest rates at 7 percent per year to the priority fields. The maximum rate is 10.5 percent per year to other production and trading fields.

The interest rates for medium and long terms loans are applied at 8.5-10 percent per year to the priority fields and 10-12 percent per year to others.

Related article:
State bank lowers caps on deposit, loan interest rates

By Ham Yen – Translated by Hai Mien

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