Starting from January 10, four State commercial banks will lower interest rates to support domestic firms operating in five prioritised sectors as stipulated by the State Bank of Vietnam.
Hanoi (VNA) – Starting fromJanuary 10, four State commercial banks will lower interest rates to supportdomestic firms operating in five prioritised sectors as stipulated by the StateBank of Vietnam.
The information was revealed during aconference of the banking sector held on January 9 to launch tasks in 2019.
The four banks are the Joint StockCommercial Bank for Foreign Trade of Vietnam (Vietcombank), the Bank forInvestment and Development of Vietnam (BIDV), the Vietnam Bank for Agriculturaland Rural Development (Agribank), and the Vietnam Joint Stock Commercial Bankfor Industry and Trade (Vietinbank).
Accordingly, Vietcombank set the ceiling of6 percent in annual interest rates for short-term loans in Vietnamese dong,applicable for all unpaid loans and new ones that incur in 2019.
In addition, the bank will reduce the perannum interest rates for outstanding mid- and long-term loans by 0.5 percent in2019.
Meanwhile, Agribank and Vietinbank will reducetheir lending interest rates by 0.5 percent, said the banks’ representatives.
The five priority sectors stipulated by theState Bank of Vietnam are agriculture and rural development; export; small- andmedium-sized enterprises; supporting industries; and hi-tech production.-VNA
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Illustrative image (Photo: VNA) 
