Banks launch loan packages to reduce interest rates by 0.5-2%

In early August, the State Bank required commercial banks to develop credit programs targeting economic growth drivers and small and medium-sized enterprises (SMEs), with preferential interest rates at least 1% lower per year than the average lending interest rate for the same term, while also waiving or reducing service fees, if any.

Immediately after this direction, the state-owned banking group simultaneously launched a loan package for small and medium enterprises (SMEs) with interest rates 1-2% lower than normal loans.

At Agribank, the size of this loan package is VND 70,000 billion. As for Vietinbank and BIDV, the size of the interest rate incentive package is 50,000 billion VND. The main subjects of these programs are SMEs, with priority given to fields such as rural agriculture, high technology, export, digital economy, artificial intelligence, semiconductors, manufacturing processing and green projects.

Private banks have also joined in. NCB simultaneously reduced interest rates by 0.5% per year for all individual and business borrowers from August 11.

Similarly, from August 12, Nam A Bank reduced interest rates for individual borrowers for business and agricultural production by 0.5-0.7% per year; Home loans and consumption decreased by 0.1-0.3% a year. For businesses, the total size of the interest rate incentive package is 25,000 billion VND, a decrease from 0.5% to a maximum of 1.8% depending on the field, with the sharpest decrease in the fields of agriculture, forestry and fisheries, infrastructure and technology.

BVBank also just had a credit package of VND 2,500 billion with a 1% interest rate reduction for small and medium enterprises (SMEs) and business households, bringing loan interest rates to the lowest level of 9.7% per year. This program prioritizes agriculture – rural areas, supporting industries, high technology, exports, manufacturing, green projects, digital economy, AI and semiconductors.

Interest rates on new loans have been high recently in the context of deposit interest rates continuously increasing and the level of 9% per year has become popular.

It is expected that on August 13, the Prime Minister will chair a working session with presidents of commercial banks, focusing on a series of “hot” issues such as interest rates, credit, exchange rates, operational safety of the banking system, as well as the prevention and combat of crime and cybercrime…