3:36:22 PM | 11/11/2008
The state-owned Bank for Agriculture and Rural Development of Vietnam (Agribank), the country’s biggest state-owned bank by assets, has announced further lending interest rate cuts for household producers and small-sized exporting and producing enterprises (SMEs), applied as from November 10.
Lending interest rate for household producers will be slashed by 1.0 percentage point to 14.4 per cent per annum, the lowest offered by Vietnamese commercial banks at the moment, while rate offered to small and medium enterprises has reduced to 15 per cent per annum.
Out of VND60,000 billion in capital reserve, some VND40,000 billion will be lent to household producers and small-sized exporting and producing enterprises, said Nguyen The Binh, the general director of Agribank.
Binh also highlighted that Agribank pledges to provide sufficient loans for around 10 million farming households and 30,000 agricultural production enterprises.
Analysts expect Agribank's lending interest rate reduction move to be followed by other commercial banks in the near coming time. (Youth)
Vietnamese
