TTO – On the evening of November 24, Vietcombank suddenly announced a reduction in lending interest rates with a reduction of up to 1% per year for loans in VND for existing corporate and individual customers, with the implementation period from 1-11 to 31-12.
“Implementing the policy of the National Assembly, the Government and the direction of the State Bank on implementing solutions to promote economic recovery and development, Vietcombank continues to implement the policy of reducing lending interest rates for customers with a reduction of up to 1% per year for loans in VND for existing corporate and individual customers from 1-11 to 31-12. But the interest rate reduction policy does not apply to securities loans, real estate business loans, mortgage loans for valuable papers…”, Vietcombank said.
According to Vietcombank, these will be actions that demonstrate the bank’s strong commitment as a pioneer the implementation of the government’s and the State Bank’s operating policies, making efforts for the country’s economic recovery and development.
Over the past time, especially from the end of September to now, deposit interest rates have continuously increased. There are banks that raise interest rates up to 2 times a week to attract capital, thereby pushing lending rates up very high.
For businesses, from the interest rate of only 6-7%/year has jumped to 10-11%/year, while individuals borrowing to buy a house or a car with loan interest rates have reached 15%/year, not to mention the cost of buying insurance, making borrowers “suffocate” because of interest rates.
So far, only Vietcombank has been the first bank to announce a reduction in lending rates.