BIDV cuts lending interest rates to support businesses. — Photo dantri.com.vn

HA NOI (Biz Hub) — The Bank for Investment and Development of Vietnam (BIDV) will cut lending interest rate for prioritised sectors from October 18 to support businesses.

Accordingly, the rate applicable for short-term loans for the five prioritised sectors of agriculture, exports, parts supply industries, small- and medium-sized enterprises and hi-tech businesses will be reduced from 7 per cent to 6 per cent per year.

The preferential rate is also applicable for startups, environmental firms and those that have good financial status and credit ties with BIDV for more than three years.

Notably, BIDV is also offering a lower rate of 5.5 per cent per year for firms and households affected by the recent floods in the central provinces.

Some other preferential lending packages with interest rates from 4.5 per cent to 6 per cent per year are also being offered to exporters to Russia, Myanmar, Laos, Cambodia and the Eurasian Economic Union.

Last week, Vietcombank was the first bank to cut its lending interest rate in response to the Government's recent resolution. — VNS