Many banks reduce loan interest rates

SGGPO 05/26/2023 16:21

After the State Bank of Vietnam (SBV) reduced its operating interest rate by another 0.5% effective from May 25, many commercial banks (CBs) have begun to lower their lending rates.

ACB has just increased the scale of the credit package with a 3% interest rate reduction from 20,000 billion VND to 30,000 billion VND.

On May 26, ACB announced that it will promote the preferential loan interest rate package, increasing the scale from VND20,000 billion to VND30,000 billion for corporate and individual customers with a maximum preferential reduction of 3% of loan interest compared to the interest rate schedule.

This is considered a positive response from ACB in the group of joint stock commercial banks to support economic recovery after the State Bank reduced interest rates. Previously, at the end of February 2023, this bank also had a preferential loan package with a scale of 20,000 billion, of which in Ho Chi Minh City alone, ACB allocated an additional 2,000 billion for the bank-enterprise connection program, currently disbursed 80%.

Mr. Tu Tien Phat, General Director of ACB said: "With the credit limit allocated at the beginning of the year, we have proactively arranged capital sources to implement preferential loan packages to support customers in implementing their business plans. By continuing to expand the scale this time, ACB hopes to be able to share more financial pressure with customers in the context of many market difficulties. ACB still maintains a policy of reducing from 0.5% to 2% for existing customers with loans due to interest rate changes, the specific reduction level is based on the level of use of domestic and foreign payment services at ACB".

Vietcombank is also having a second interest rate reduction period from May 1 to July 31, expected to reduce interest rates for about 110,000 customers, with outstanding loans of VND 700,000 billion.

“When the deposit interest rate is reduced evenly, the lending interest rate will naturally decrease accordingly. Vietcombank is also closely monitoring and will promptly implement the interest rate reduction to ensure that it meets the needs of the economy and the people, as well as better supports the overall development,” said a Vietcombank representative.

Mr. Pham Nhu Anh, General Director of MB Bank also said that with the market currently absorbing very weak capital and the current unstable economy, reducing operating interest rates will contribute to supporting customers and banks in the coming time. Currently, MB is setting aside 120,000 billion VND in low-interest credit packages to serve the needs of customers and support customers during difficult times.

According to Mr. Anh, recently, MB has reduced interest rates to support up to 500 billion VND for disadvantaged customers, prioritized according to the requirements of the Government and the State Bank. In addition to the credit packages currently being implemented, MB will have new policies to support customers in the coming time...

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