VND25 trillion for lending rate cut in Hanoi

by lexie Thu Sep 22, 2011 3:43 pm

September 22, 2011

VND25 trillion for lending rate cut in Hanoi

Credit institutions in Hanoi have to lower lending rates to 17-19% per year for Vietnam dong and dollar loans, the Government’s website quotes Directive 02-CT/NHNN of the State Bank of Vietnam.

All 12 Hanoi-based commercial banks will set aside a total of over VND25 trillion to lend to small and medium firms, exporters and firms in the agriculture sector, said the Hanoi branch of the central bank.

Vietnam Bank for Industry and Trade (VietinBank) has lowered the lending rate to 18-18.5% to support corporate clients and to 17% for good clients with feasible projects.

Bank for Foreign Trade of Vietnam (Vietcombank) has been offering the rate of 17-19% for firms in sectors of production, export and agriculture since mid-September. The bank will lend VND4 trillion at a rate of 16% for fisheries and woodwork export firms.

Bank for Investment and Development of Vietnam (BIDV) has VND10 trillion available at rates of 15-17% for clients buying industrial, agriculture and farm products with short-term loans and 18-19% for other clients.

The lending rate of 17-19% is offered for clients of Vietnam Bank for Agriculture and Rural Development or a minimum of 17% for sectors of agriculture, forestry and fisheries.

http://www.vietfinancenews.com/2011/09/vnd25-trillion-for-lending-rate-cut-in.html#more