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“Big four” banks to lower interest rates on January 10

VOV.VN - Four major commercial banks have pledged to slash lending rates as of January 10 in a bid to further leverage access to loans for businesses operating in the prioritized sectors as stipulated by the State Bank of Vietnam.

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"big four" banks to lower interest rates on january 10 hinh 0
 VietinBank, Vietcombank, BIDV, and Agribank will lower interest rates as of January 10. (Photo: VNA)

The institutions include VietinBank, Vietcombank, BIDV, and Agribank. All four made the commitment at a conference held in Hanoi on January 9 which set forth banking targets for 2019.

Nghiem Xuan Thanh, chairman of the Board of Directors of Vietcombank, said the interest rate set for short-term loans from Vietcombank would be 0.5% lower than the ceiling set by the State Bank of Vietnam.

Prioritised access will be given to businesses in the fields of agriculture, exports and supporting industries, small and medium-sized enterprises, as well as those applying advanced technology in production processes.

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Lower lending rates are receptive to new borrowers and those having yet to pay off debts. The maximum lending rate set for short-term loans will stand at 6% per year. Interest rates levied on medium and long-term loans in VND will be cut by 0.5%.

Le Duc Tho, general director of VietinBank, said the reduction of 0.5% in lending rates could lead to VietinBank’s profits dropping by VND700 billion (US$30.6 million).

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Meanwhile, Agribank will also slash 0.5% in lending rates for preferential loans in conformity with the State Bank of Vietnam’s Circular No. 39/2016/TT-NHNN dated December 30, 2016.

VOV

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