Vietnam BIDV to lower loan interest rates by 0.5pct

The Bank for Investment and Development of Vietnam (BIDV) this afternoon December 15 held a press conference to announce its programme to lower short-term (three-month or less) loan interest rates by 0.5% per year against the previous rates.
The programme is scheduled to begin from December 19, 2011.

Pham Quang Tung – BIDV’s deputy general director said that in the first six months of 2011, with the policy for macroeconomic and production stability along with focusing on four prioritized areas for the export sector, BIDV has boosted financial support for agriculture and rural areas and small and medium-sized enterprises.

The beneficiaries of this program are businesses that are operating in the export sector, agriculture, rural areas and are small and medium businesses, as well as enterprises facing difficulties caused by floods.

The maximum loan interest rate for export sector is 15% per year for its traditional customers, who are selling foreign currency to the bank.

The lending rate is 15% per year for the agricultural sector and rural areas, while the loan interest rate for businesses and people to solve flooding problems is 14.5% per year. – Vietbiz24

Tags: Vietnam banking industry, Vietnam finance, Vietnam financial, Vietnam interest rates

Posted by VBN on Dec 16 2011. Filed under Banking-Finance. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry