Nhan Dan – Vietinbank announced it will allocate VND2 trillion (US$96 million) to lend to micro-enterprises at preferential rates until December 31 this year.
According to the lender, micro-enterprises are firms that have no more than VND20 billion (US$960,000) in capital recorded on their latest financial statement or with total revenues not exceeding VND60 billion (US$2.88 million).
Each micro-enterprise will be allowed to borrow a maximum of VND7 billion (US$336,000) at interest rates 2% lower than the bank’s standard business loan rates for a maximum term of 12 months.
Vietinbank allocated VND5 trillion (US$240 million) earlier in July for loans to homebuyers at 12% per annum.