Agribank is the first bank to reduce lending rates
(Updated at 18:30, 10/1/2018)
Agribank reduces short-term lending rates from a maximum of 6.5% per annum to a maximum of 6.0% per annum from today.
From January 10, 2018, Vietnam Bank for Agriculture and Rural Development (Agribank) cuts interest rates on short-term loans from a maximum of 6.5% per annum to a maximum of 6.0% per annum and reduces interest rates on medium and long-term loans from 8% per annum to 7.5% per annum for priority customers in accordance with Circular 39/2016/TT-NHNN who have transparent, healthy financial status.
The decision was made shortly after the Conference on the implementation of banking tasks in 2018 organized by the State Bank of Vietnam on January 9 in which Agribank made commitments to the Prime Minister and the Governor of the State Bank of Vietnam on reducing interest rates, helping customers reduce the cost of capital.
The beneficiaries of this preferential interest rate policy are customers in five priority areas: agricultural and rural development according to the Government's regulations on credit policies for rural and agricultural development; implementing export business plans in accordance with the provisions of the Commercial Law and guiding documents of the Commercial Law; serving the business of small and medium enterprises according to the Government’s regulations on supporting small and medium enterprises; development of supporting industries according to the Government's regulations on development of supporting industries; serving the business of hi-tech enterprises according to the provisions of the Law on the implementation of high technology and guiding documents on Law on the implementation of high technology.
Agribank's adjusted lending interest rate for priority areas of the Government is lower than 0.5% per annum for short-term lending rates under Decision No. 1425/QD-NHNN dated July 7, 2017 of the State Bank of Vietnam.
Agribank has applied many solutions to solve difficulties in credit relations with customers; simplifying lending procedures; rolling out the new fleet of mobile branches to provinces.
So far, Agribank continues to be the leading commercial bank in the provision of credit and convenient banking products for agriculture and rural areas, with agriculture and rural loans loans accounting for 74% of total outstanding loans and over 51% of market share investment credit in "Tam Nong".
Hong Ngoc
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