Lower interest rates boost economic growth

Implementing the direction of the Government and the State Bank,

The interest rates of banks in the province are adjusted and maintained stably, creating conditions for many preferential loan packages to be implemented, thereby supporting people and businesses to promote production, promote economic development, contributing to the completion of the province's economic growth target of 14% or more.

Customers transact at Vietinbank Tay Quang Ninh branch.

Since the beginning of the year, Vietcombank Quang Ninh's deposit interest rates have remained stable at a low level. The bank can take measures to maintain stable lending interest rates, ensure customer support, and ensure business efficiency. In particular, the bank balances capital costs and profits, applies flexible interest rate policies, and applies technology to help the bank reduce operating costs to have more room to maintain stable lending interest rates to support customers.

Currently, Vietcombank Quang Ninh is implementing 16 programs with low interest rates for both short-term and medium- and long-term loans, 0.5% to 2% lower than the average interest rate for businesses and individuals. At the same time, promoting online disbursement for institutional customers to reduce time, create convenience, and promptly meet capital needs.

Ms. Vu Van Anh, Deputy Director of Vietcombank Quang Ninh, said: The interest rate reduction Deposits help stimulate credit growth, direct cash flow into production, and promote economic development. To accompany people and businesses, Vietcombank Quang Ninh is implementing a number of programs with preferential interest rates such as short-term production and business loans , interest rate security, competitive interest rate loans, etc. The bank still applies preferential policies for customers affected by the Covid-19 epidemic and storm No. 3 in 2024. In addition, the bank is committed to providing credit capital fully, effectively, and quickly.

Agribank Quang Ninh staff guides customers to complete loan application.

Not only Vietcombank Quang Ninh, the reduction in deposit interest rates applies to both counter transactions and online deposits at all banks in the province. For the most part, the 12-month term deposit interest rate has dropped to below 5.5%/year. At state-owned banks, the 1-year interest rate is currently only around 4.6%. Low deposit interest rates have created conditions for banks to have cheap capital to provide preferential credit packages with short-term lending rates of 4-7.5% and 7.5-11.5% for medium and long-term loans. By the end of March, outstanding credit of banks in the province reached VND 206,000 billion, up 4.15% compared to December 31, 2024. Credit capital plays an important role in promoting production and business for enterprises and people in the province.

Ms. Nguyen Thi Nhung (Duc Chinh Ward, Dong Trieu City) said: To develop production, people really need capital. With bank loans, I am cooperating with 10 households in the city to develop a duck farm with thousands of ducks, creating jobs for 20 regular workers. In particular, I invest in barns, breeds, food, veterinary medicine, techniques and product consumption. Banks implementing loan programs with preferential interest rates not only promptly meet capital needs, but also help businesses reduce costs, have capital to rotate production and develop the economy.

Stable interest rates, abundant capital supply, and diverse preferential credit programs will continue to accompany and support businesses and people in the province to promote production and business, contributing to increasing budget revenue and contributing to the implementation of the economic growth target in 2025.

Cao Quynh

Source: https://baoquangninh.vn/giam-lai-suat-thuc-day-tang-truong-kinh-te-3353312.html