The Orient Commercial JS Bank (OCB) has announced that it has received approval from the State Bank of Vietnam (SBV) to go ahead with a 2 per cent interest rate support package.

In compliance with Decree 31 and Circular 03 on loans with favourable interest rates, OCB has requested a carte blanche from SBV to make total preferential loans of VND400 billion in 2022 and 2023.

The bank authority approved part of the scheme, allowing OCB to make total preferential loans of nearly VND140 billion in 2022 to help its clients.

OCB said borrowers eligible for the loans include those working in 11 sectors, including tourism, transporting, manufacturing, processing, software making and social housing.

The loans will be disbursed between January 1, 2022, and December 31, 2023, or until the expiration date of the package.

"Firms are still experiencing difficulties getting back on their feet. The 2 per cent interest rate packages are such an effective policy that works in favour of those working in the most hard-hit sectors, allowing them to access low-cost loans for recovery," said an OCB representative.

Agribank and Vietcombank were the two first banks to announce their 2 per cent interest rate packages. The total amount of preferential loans reached VND16 trillion in 2022 and VND24 trillion in 2023. — VNS