In November 2023, credit in Ho Chi Minh City experienced a notable 1.3 percent rise from the previous month, becoming one of the highest growth rates observed throughout the year, thanks to seasonal factors.
In an effort to assist customers in easily accessing funding during the year-end peak period, BVBank has recently launched a VND3 trillion consumer demand stimulation loan package. This package offers interest rates starting at just 5.5 percent per annum for individual customers and will be available until December 31. The program is applicable to both new disbursements and timely refinancing based on existing agreements. Whether customers require short-term or medium- to long-term capital for business operations, agricultural production, investment in machinery and equipment, or personal consumption needs such as property transactions, new construction, renovations, or general consumer spending, they can benefit from the attractive interest rates offered by this loan package.
BVBank has announced that, alongside their efficient loan processes and swift application approval, this timely opportunity allows customers to promptly obtain capital to support their business operations during the crucial year-end period.
Similarly, aiming to provide affordable capital support for individuals and businesses during the year-end of 2023 and the 2024 Lunar New Year, Sacombank has recently presented a loan package of VND10 trillion for enterprises to accelerate their production and business activities with the lowest interest rate of only 3 percent per annum. Specifically, from now until the end of December 2023, businesses involved in production and business activities can avail themselves of the following interest rates: 3 percent per annum for a one-month term, 4 percent per annum for a two-month term, 5 percent per annum for a three-month term, and 5.5 percent per year for a four- to 12-month term. Furthermore, for the VND1-trillion loan package catering to medium to long-term business production and the purchase of vehicles for enterprises, Sacombank has adjusted the fixed interest rate to 8 percent per annum for 12 months, and this offer is valid until December 31, 2023.
In December 2023, HDBank introduced a VND10 trillion interest rate incentive program to assist customers nationwide in boosting production and business activities, as well as meeting year-end shopping needs and enhancing their quality of life. As part of this initiative, the VND5 trillion credit package, offered through the "Fresh Loans at zero percent Interest" program, provides a zero percent interest rate for the first month to individual customers seeking new loans or existing customers looking to borrow more. For the subsequent months, the interest rate follows HDBank's existing regulations. For corporate customers, HDBank continues to supplement the incentive package with a scale of VND5 trillion, featuring a 0 percent interest rate for the first month specifically designed for small and medium-sized enterprises (SMEs) and intended for salary and bonus disbursements during the year-end period. In the following months, customers will continue to enjoy a preferential interest rate starting from only 6.7 percent per annum.
According to HDBank's leadership, the VND10-trillion loan package in the final month of 2023 reflects HDBank's practical efforts to alleviate challenges for customers and actively contribute to economic recovery. This initiative is in line with the government and the State Bank of Vietnam's commitment to supporting growth, maintaining macroeconomic stability, controlling inflation, and collaborating to assist businesses and individuals in conducting effective production and business activities and enhancing their quality of life.
Mr. Nguyen Duc Lenh, Deputy Director of the State Bank of Vietnam – HCMC Branch, noted that as of November 30, 2023, the total outstanding credit in Ho Chi Minh City had exceeded VND3.4 quadrillion, up 1.3 percent from the previous month. Thus, excluding March 2023, credit experienced a 1.37 percent growth due to a temporary halt in capital demand and disbursement activities during the Tet holiday. November 2023 stands out as one of the months with the highest credit growth rates throughout the year.
According to Mr. Nguyen Duc Lenh, the elevated credit growth in November 2023, surpassing the preceding months of the year, can be attributed to the seasonal dynamics. During this period, there is a customary rise in the demand for credit capital towards the year-end and Tet holiday. Notably, the lending program designed to stabilize the market in the region for the 2023 seasonal period recorded a loan volume exceeding VND13 trillion with interest rates ranging from 4 percent to 6 percent per annum.
Figures from the State Bank of Vietnam further reveal that credit disbursements across the entire banking system in November 2023 amounted to approximately VND200 trillion. The cumulative total outstanding credit for the entire banking system reached VND13.1 quadrillion over the first 11 months of 2023.
