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Thursday,  Jan 18,2018,16:46 (GMT+7)

Vietcombank to cut lending rates

The Saigon Times Daily
Thursday,  Jan 11,2018,18:50 (GMT+7)
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Vietcombank to cut lending rates

The Saigon Times Daily

HCMC – The Bank for Foreign Trade of Vietnam (Vietcombank) has issued an interest rate reduction policy applicable to both new and old loans, especially those taken out by businesses in priority sectors.

This is the first bank to unveil a plan for reducing interest rates in line with the Government’s first resolution on 2018 socio-economic development issued last week by Prime Minister Nguyen Xuan Phuc, and instructions by the State Bank of Vietnam governor at a banking conference on Tuesday.

Vietcombank will cut lending rates for five priority groups of customers with effect from January 15.

In particular, softer rates will apply to enterprises in the agriculture and rural development sector, export processing firms, small and medium enterprises, supporting industries companies, and hi-tech firms.

Companies in the hi-tech agriculture sector, and startups will also enjoy lower rates.

Accordingly, short-term rates will be reduced to as low as 6% a year for customers who use their loans for investment in some fields and sectors. The plan will be implemented from mid-January to late December this year.

Old loans of such enterprises account for a staggering 43% of the total amount at Vietcombank.
 

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