Vietnam Bank Cuts Loan Rates to 10.7%/Yr, Lowest Currently
Lien Viet Commercial Joint Stock Bank (LienVietBank) has announced to cut interest rates on dong loans to 10.7% per annum, the lowest rate being offered among banks in Vietnam currently.
The rate of 10.7% is applied on mortgage loans with terms of below one month, the Hanoi-headquartered unlisted bank said on its website.
LienVietBank also reduced interest rates on secured loans to 11.3% per annum for terms of between one and two months and 11.7% for terms of between two and three months.
As of August 23, LienVietBank had total assets of VND26 trillion. Its year-to-date pretax profit was estimated at VND450 billion.
LienVietBank earlier announced that it would lend between VND3 trillion and VND5 trillion to rural agricultural production in the Mekong Delta region from now to 2013. Of the sum, VND1.2 trillion will be disbursed this year.
LienVietBank currently has an 18% stake owned by Him Lam Joint Stock Corporation, a 4.57% stake by Saigon Trading Corporation, and a 2.43% stake by Southern Airport Services Company. (Lien Viet Bank)
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