11:04:36 AM | 3/10/2008
Lien Viet Commercial Bank announced on September 30 that it will reduced interest rates on Vietnam dong loans to 18 per cent per annum from October, becoming the first joint stock bank in Vietnam to have such a low lending rate.
At present, Vietnamese joint stock banks are offering lending interest rates popularly at 19.8 per cent-20 per cent a year.
Some days ago, the Bank for Investment and Development of Vietnam (BIDV), a state-owned bank, decided to cut lending interest rates from October, with the lowest rate at 17.5 per cent per annum.
Nguyen Duc Huong, general director of LienVietBank, said the rate cut is aimed to implement the government’s instruction in anti-inflation, as well as to ease burdens for businesses.
The reduction of lending interest rates to the lowest level against other joint stock banks will help the bank realize the strategy to attract potential target customers, he said.
Also Sept 30, LienVietBank opened its 9th transaction office, based in Hanoi.
After five months of operation, the bank has one head office, one trading center, five transaction offices in Hanoi and two in Ho Chi Minh City.
With a chartered capital of VND3,300 billion, LienVietBank is now the second largest among joint stock commercial banks by capital in Vietnam. (Vietnam Economic Times)
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