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Lending rates drop, enterprises want more   2008-10-24 - Viet Nam News

Banks have cut loan interest rates to between 16.5 and 19.5 per cent but corporate borrowers are not satisfied and hope for a further drop.

The Agriculture and Rural Development Bank, Viet Nam Bank for Industry and Trade, Viet Nam International Bank, and Viet A Bank have all cut their rates.

In the wake of the State Bank of Viet Nam’s decision to cut the prime interest rate by 1 percentage point on October 20, a host of banks have cut both lending and deposit interest rates.

The lowest loan rate now is 16.2 per cent offered by the Bank for Investment and Development of Viet Nam.

The Agriculture and Rural Development Bank, Viet Nam Bank for Industry and Trade, Viet Nam International Bank, and Viet A Bank have all cut their rates.

But enterprises are still wary of borrowing, saying 18 per cent is still too high for them.

Some even hope for a return to the 12 and 14 per cent rates that existed at the beginning of this year.

Further drop forecast

Dr. Tran Du Lich, director of the HCM City Economic Research Institute, said: "The consumer price index (CPI) is falling sharply and may continue to fall for the rest of the year. So, cutting interest rates is the right decision."

Deputy general director of Abbank, Pham Quoc Thanh, said, "I believe deposit and loan interest rates will continue to fall."

"The central bank’s recent monetary policies have helped improve the liquidity in the market and lessen inflation. This has created opportunities for banks to implement interest rate cuts."


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