Loan interest rates decrease by an average of 0.1-2%/year

According to the State Bank of Vietnam, Phu Yen branch, in recent times, the unit has continued to direct credit institutions in the area to reduce costs and adjust lending interest rates for all terms to support businesses and people to recover and develop production and business. In the first 10 months of 2024, interest rates have continuously decreased compared to the end of 2023, with an average decrease of 0.1-2%/year.

 

Currently, credit institutions in the province provide short-term VND loans to priority sectors with a common interest rate of 4%/year. The average lending interest rate for normal production and business sectors ranges from 6.34-10.16%/year for short term, 8.09-11.19%/year for medium and long term. Compared to the beginning of 2024, the interest rate has decreased from 0.1-1.85%/year.

 

For consumer lending, the average interest rate is from 8.11-11.9%/year for short term; from 8.13-11.87%/year for medium and long term. Compared to the beginning of 2024, the interest rate decreased from 0.13-2%/year.

 

USD lending interest rates are commonly at 3.5-10%/year for short term; 4.5-11.5%/year for medium and long term.

 

It is estimated that by the end of October 2024, the total outstanding loans in the area will be VND 53,065 billion, an increase of 6.6% compared to the end of 2023. Of which, short-term loans will be VND 34,412 billion, accounting for 64.34% of the total outstanding loans, an increase of 9.6%; medium and long-term loans will be VND 18,923 billion, an increase of 1.5%.

 

LE HAO

Source: https://baophuyen.vn/82/322769/lai-suat-cho-vay-giam-binh-quan-tu-0-1-2-nam.html