The Vietnam Bank for Industry and Trade (VietinBank) has decided to reduce interest rates for short, medium and long term loans to five sectors deemed as priority by the Government.

 

The decision is taken in line with the Government’s Resolution No. 01/NQ-CP dated January 1, 2018, and the direction of the State Bank’s Governor. 

 

Accordingly, as from January 11, interest rates will be cut by 0.5 percent per year for short, medium and long term loans in Vietnamese dong to firms operating in agriculture-rural development, for-export production and business, small- and medium-sized enterprises, support industry and hi-tech production.

 

Start-up firms with feasible business and production plans and household businesses that were upgraded into official firms, are also eligible for the preferential loans. 

 

Besides, credit programmes with special interest rates will continue to be applied to businesses with good financial status and effective production and business activities.

 

Lending to five priority sectors of the Government account for nearly 60 percent of Vietinbank’s total outstanding loans, which demonstrated the bank’s vanguard role in implementing policies of the Party, the Government and the State Bank, as well as in providing capital to the national economy’s key fields.-VNA