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Monday, June 17, 2024

Most loans in HCMC bear interest rates below 10%

The Saigon Times

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HCMC – Interest rates on loans in HCMC have declined significantly, with 63% of outstanding loans bearing rates below 9.75%, according to the State Bank of Vietnam’s HCMC branch.

The remaining outstanding loans, primarily those having medium and long terms, carry an average interest rate of around 10.53%.

The lower lending rates are attributed to the central bank’s monetary policy loosening. In fact, the SBV has lowered policy interest rates and debt has been restructured, allowing commercial banks to reduce rates, said Nguyen Duc Lenh, deputy director at the SBV branch in HCMC.

According to Lenh, the central bank’s new approach has led to macroeconomic stability and a more conducive business environment.

In HCMC, 35,000 enterprises, household businesses and cooperatives have benefited from the measures taken by the central bank. Since December 2022, outstanding loans in foreign currency have increased by 2.4% to a total of VND172 trillion.

Meanwhile, loans in Vietnamese dong extended to the export sector have amounted to VND200 trillion with annual interest rates below 4%.

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