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Banks cut loan interest rates   2009-02-02 - Viet Nam News

Two leading domestic banks yesterday trimmed lending interest rates to as low as 8 per cent per year, following the State Bank of Viet Nam's latest effort to open a flow of cheaper credit for the nation's businesses by trimming the benchmark rate to 7 per cent.

Today, Vietcombank has announced common lending interest rates of 10 per cent yearly, a cut of one percentage point. Preferential rates remained at 8.5 per cent.

Effective today, the Bank for Investment and Development of Viet Nam (BIDV) has cut preferential short-term lending rates from 8.5 per cent to 8 per cent per year for customers who have direct export contracts and have committed to sell hard currencies to the bank.

Common short-term rates were set at 9 per cent for three-month loans and at 9-10 per cent for longer terms, rates that represent an average 0.5 percentage-point cut from previous rates.

Also effective today, Vietcombank has announced common lending interest rates of 10 per cent yearly, a cut of one percentage point. Preferential rates remained at 8.5 per cent.

Regulations cap interest that can be charged on loans in Vietnamese dong to the maximum deposit interest rate for 12 months plus 3 per cent, up to a maximum of 10.5 per cent yearly.

In addition to the State Bank move to lower interest rates, the Government has approved an interest rate subsidy of 4 per cent for short-term loans made between February and December of this year, and it has been made compulsory for all banks to provide the subsidised interest rates to eligible borrowers - the latest effort to help the business community access capital to fund production and create jobs during the global economic crisis.

Credit card interest

Credit institutions and their customers, starting today, will be allowed to negotiate interest rates on credit cards, pursuant to State Bank Circular No 01/2009/TT-NHNN, with the aim of encouraging lower rates and higher consumer spending as a spur to economic growth.

Banks will decide rates based on supply and demand on the capital markets and on the credit worthiness of each borrower.

But the new regulation also urges banks to keep a close eye on credit limits and quality of credit.

Other Banking News

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