VGP – A number of commercial banks on July 11 announced that they will cut interest rates on old loans to 15% a year to share the burden with businesses.
These credit institutions include the Bank for Foreign Trade of Vietnam (Vietcombank), the Vietnam Joint Stock Commercial Bank for Industry and Trade (Vietinbank) and the Sai Gon – Hanoi Joint Stock Commercial Bank (SHB).
In Vietinbank, the lending rates will be lowered to the maximum of 15% from July 15. Besides, the bank would also boost lending to medium and small businesses and those operating in agriculture, export and supporting industries.
The bank is planning to offer a credit package of billions of dong at an interest rate of 7-8 percent a year.
SHB on Wednesday instructed its branches to reduce loan interest rate on old debts to 15% a year.
Earlier on July 7, Governor of the State Bank of Vietnam (SBV) Nguyen Van Binh asked commercial banks to lower interest rates on their old debts to below 15%./.
By Kim Anh