Customers make transaction at VIB in Ha Noi. — File Photo

HA NOI (Biz Hub) – Vietnam International Bank (VIB) is providing enterprises in the textile and garment sector with soft loans and 20 per cent reduction in trade financing costs from now until December 31.

This practical programme implemented by VIB is in response to calls from the Prime Minister and the State Bank of Viet Nam (SBV) to reduce interest rates for businesses, the bank said in its statement on May 16.

These firms will also receive gifts worth up to VND70 million (over US$3,100) each, VIB said.

"VIB is committed to assisting the Vietnamese business community in general and garment enterprises in particular," Vuong Thi Huyen, VIB's head of Wholesale Banking Division, said.

According to the document sent to SBV late last month, the bank has constituted three preferential credit packages totaling over VND4 trillion. Of this amount, a VND3 trillion package will be given to enterprises involved in manufacturing, importing and exporting garment products, while VND1 trillion will be set aside for businesses' auto loans. — VNS