Reducing lending interest rates is one of the important policies that the banking industry has been implementing vigorously with the spirit of accompanying and sharing difficulties with people and businesses, contributing to supporting economic recovery and growth.
Recently, many banks continue to announce reductions in lending interest rates or launch preferential loan packages for many customer groups.
Implement multiple reductions
Vietcombank has just announced a further reduction in lending interest rates by up to 0.5% per year for all VND loans of individual and corporate customers; the period of application is from August to December 2023. This interest rate reduction does not apply to securities loans, real estate business loans, loans secured by valuable papers, overdrafts, etc. Previously, Vietcombank also implemented 2 policies to reduce lending interest rates for customers. Phase 1 from January 1 to April 30 and phase 2 from May 1 to July 31, 2023, with a total of 240,000 customers receiving interest rate reductions.
At Agribank Phu Yen , in the first 6 months of 2023, this branch has implemented 6 rounds of interest rate reduction for each customer group compared to the end of 2022; the reduction is up to 3%/year. By June 30, 2023, the outstanding loan with reduced interest rates was VND 2,890 billion for 18,445 customers, the interest amount reduced by VND 5.93 billion. "Currently, Agribank Phu Yen is implementing a program to reduce 0.5% of loan interest rates, applied to medium and long-term loans to support people and businesses in the area. In addition, implementing a short-term preferential loan program for corporate customers on the occasion of the 35th anniversary of Agribank's establishment, the branch has provided preferential loans to 4 customers with a loan turnover of 1.3 million USD by June 30, 2023", said Mr. Le Van Thinh, Director of Agribank Phu Yen.
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According to Mr. Nguyen Khanh, Director of MB Phu Yen, since the beginning of the year, in parallel with the reduction of the State Bank's operating interest rates, MB has also continuously offered preferential interest rate packages for customers, reducing interest rates for groups of customers in difficulty and priority customers. For old customers, the bank has simultaneously reduced interest rates for customers with high interest rates and sent notices to customers. Specifically, for individual customers with medium and long-term loans with interest rates of 13%/year or higher, MB Phu Yen has simultaneously reduced interest rates by 0.4-2%/year for 49 customers with outstanding loans of 66 billion VND. For corporate customers with interest rates of 13%/year or higher, MB Phu Yen has also reduced interest rates by 0.02-1%/year for 14 customers with outstanding loans of 234.8 billion VND. In addition, for new customers and old customers borrowing new loans, MB Phu Yen applies preferential interest rate packages to stimulate customers' demand for loans for production, business and consumption.
Continue to lower interest rates
Not only the above banks, up to now, according to the report of the State Bank of Vietnam, Phu Yen branch, all commercial banks in the province have adjusted to reduce deposit and lending interest rates at all terms to support people and businesses. Currently, the average lending interest rate for production and business activities has decreased by 0.5-3.7%/year and the lending interest rate for consumption has decreased by 0.25-4.1%/year compared to the beginning of 2023.
Mr. Dang Hong Linh, Director of the State Bank of Vietnam, Phu Yen branch, said: Recently, the unit has directed credit institutions in the area to seriously implement interest rate reduction to remove difficulties, help people and businesses recover and develop production and business. The unit also proactively monitors the interest rate reduction and promptly corrects commercial banks that have not implemented it.
“With the market absorbing capital very weakly and the economy facing many difficulties as it is now, reducing interest rates will help ease the difficulties for customers and banks. Therefore, in the coming time, the State Bank of Vietnam Phu Yen branch will direct organizations in the area to continue to cut costs to reduce lending interest rates, cut unnecessary fees to support businesses and people. The unit also requires banks to proactively communicate on mass media about reducing interest rates; provide specific information to customers about the interest rate reduction policy so that customers can easily access it,” said Mr. Dang Hong Linh.
Speaking at the conference on implementing tasks of the banking sector in the last 6 months of the year held recently, comrade Ho Thi Nguyen Thao, member of the Provincial Party Standing Committee, Vice Chairman of the Provincial People's Committee requested the State Bank of Vietnam, Phu Yen branch to continue directing credit institutions to implement synchronous and drastic solutions to reduce interest rates, especially reducing lending interest rates, striving to reduce at least 1.5-2%.
LE HAO
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