16 local banks reduce interest rate for loans

Currently, 16 commercial banks have guaranteed to reduce the interest rate for loans from 0.5 percent point to three percent per year with a total amount of around VND3,500 billion (US$148 million) to support enterprises. 
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Apart from commercial banks, state-owned banks comprising Vietnam Bank for Agriculture and Rural Development (Agribank), Commercial Bank for Foreign Trade of Vietnam (Vietcombank) and Bank for Investment and Development of Vietnam (BIDV) have also joined in reducing interest rates. The joint-stock commercial banks also reduced interest rates to assist businesses.

Accordingly, Asia Commercial Joint Stock Bank (ACB) has reduced one percent point for customers and enterprises from December 6, 2022 to January 31, 2023; Vietnam Export Import Commercial Joint Stock Bank (Eximbank) has decreased one percentage point of its interest rate for small and medium enterprises, and in fields of consumption sector, retail, agricultural production and business and so on. 

Besides, Vietnam Technological and Commercial Joint Stock Bank (Techcombank) has lessened 0.25 percent point to 1.92 percent point per year for individual customers, household businesses, and enterprises and so on, Military Commercial Joint Stock Bank (MB) has reduced from 0.5 percent point to one percent point a year for prioritized fields, production, import and export and other fields.

In addition, Ho Chi Minh City Development Joint Stock Commercial Bank (HDbank) has guaranteed to lessen its interest rate up to 3.5 percent point per year for individual customers and enterprises in different fields by end of the year while Saigon-Hanoi Commercial Joint Stock Bank (SHB) has reduced from 1.5 percent point to two percent point per year for its customers and enterprises.

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