Commercial banks reduce lending rates

by PV/VTV12 July 2017 Last updated at 09:44 AM

(Photo illustrated)
(Photo illustrated)

VTV.vn - Commercials banks have followed the lead of the State Bank of Vietnam which adopted a 0.25% interest rate cut. Commercial banks are offering a lending rate cut of 0.5% for some sectors.

Agribank, BIDV, Vietinbank and Vietcombank have announced their decision to lower lending rates. Their current rates stand at 6% or 5.5% per annum for favoured clients following the announcement. That is only marginally higher than the deposit rate of about 2%. This marks a record low.

“With this reduction in interest rates, we'll prioritise five sectors that are considered the driving force of the economy. These sectors include exports, high-tech agriculture and support industries. We'll make maximum effort to reduce interest rates in accordance with the policy direction of the government and state bank. The interest rate cut will affect the profitability of commercial banks”, Dinh Thi Thai - Deputy General Director of Vietcombank – said.

“We'll reduce operating costs so that we can provide additional support to our customers, sharing these benefits with our customers and businesses”, Pham Toan Vuong - Deputy General Director of Vietcombank – said.

After the adjustment in interest rates, lending interest rates actually available to bank customers will range from 5.5% to 10.5% per annum depending on their circumstances.

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