Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) has become the first bank cutting loan interest rate this year to implement the Government’s Resolution 01 issued on January 1.

The Government has required the State Bank of Vietnam (SBV) to continue cutting loan interest rate by 0.5 percent from now until the end of this year.

After the State Bank of Vietnam (SBV) decided to cut short term loan interest rates by 0.5 percent and management interest rates by 0.25 percent from July 10, commercial banks have started lowering their rates.