Vietnam Leading Banks Cut Sharply Lending Rates
Vietnam's leading state-owned banks including the Vietnam Bank for Industry and Trade (Vietinbank) and the Bank for Foreign Trade of Vietnam (Vietcombank) have further cut lending rates sharply after Vietnam's central bank lowered the benchmark rate to 12 per cent.
Vietinbank will cut lending rates of short-term loans to 15 per cent and of medium, long-term loans to 16.5 per cent per annum from November 18.
Meanwhile, Vietcombank said it started cutting lending rates to 13.5 per cent from 15.2 per cent from November 17.
So far, Agribank, BIDV, Vietinbank and Vietcombank have joined efforts to cut borrowing costs to help boost growth in the face of the global financial crisis, state media said.
Up to 20 per cent of small and medium enterprises are facing bankruptcy due to cash shortfalls, state media said. (Vietnam Economic Times)
Vietnamese
