State-owned banks, including VietinBank, offer new preferential interest rates for short-term loans from today. – Photo VietinBank Le Duc Tho, VietinBank’s chairman, said this is the second time banks have cut lending rates this year to follow up on the Government’s instruction to support domestic production and businesses, contributing to promoting the country’s economic growth. Under the move, State-owned banks, including Agribank, VietinBank, Vietcombank and BIDV have reduced the rate by 0.5-1 percentage points per year for loans to firms in the Government’s priority sectors. BIDV has applied the new maximum rate at 5.5 per cent per year, down 1 percentage point against the cap regulated by the central bank, from August 1 until the end of the year. The rate cut is offered to priority businesses in the fields of export, supporting industries and advanced technology. BIDV has launched two preferential credit packages worth a combined VND70 trillion (US$3 billion), with an interest rate cut by 0.5 percentage point per year versus last month’s rate. Of which, the first credit package is worth VND60 trillion for small- and medium-sized firms, and the short-term package is worth VND10 trillion for micro firms and start-ups. Vietcombank has also applied interest rates… Read full this story
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