A number of Vietnam's commercial banks have slashed their lending interest rates to the lowest level of this year, in response to the State Bank of Vietnam's move to reduce the prime interest rate.
The Agricultural and Rural Development Bank (Agribank) was the first to reduce its annual lending rate of Vietnamese dong to 11 percent per year, easing businesses' credit crunch.
Bank for Investment and Development of Vietnam (BIDV) offered the lending interest rate of 11.4 percent per year.
Other large banks, including the Bank for Foreign Trade of Vietnam (Vietcombank), Lien Viet Bank (Lienvietbank), offered rates of 11 percent and 13 percent per year, down from 12 percent and 14.5 percent respectively.
This banks' move, made in the context of the global economic crisis exerting a direct impact on export markets, will give a boost to domestic production, said industry insiders.
Source:Xinhua
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