ABBANK offers loans at 5.5% for manufacturing, trading

Sunday, Dec 11, 2022 14:57

An ABBANK’s transaction office in HCM City. The lender is offering loans at an interest rate of just 5.5 per cent per year to customers in a number of priority fields. — Photo courtesy of the bank

ABBANK has rolled out a programme, ‘Huong vay uu dai – Vung lai Kinh doanh,’ that offers loans at an interest rate of just 5.5 per cent to customers in a number of priority fields who need short-term loans in dong.

To run through next year, it targets enterprises, business households and cooperatives and has earmarked VND350 billion (US$14,847 million).

Priority is given to customers in sectors such as agriculture and rural development and production and export, supporting industry and high-tech.

In June 2022 ABBANK registered to participate in the Government’s 2 per cent interest rate subsidy programme for individual and corporate customers in sectors severely affected by the COVID-19 pandemic such as tourism, hospitality, catering services, transportation and warehousing, agriculture - forestry- fisheries, processing, and manufacturing.

The bank has set up a hotline to promptly answer questions related to this programme from customers.

As of the end of November there were nearly 100 outstanding loans worth over VND200 billion that had received the 2 per cent interest rate subsidy.

Nguyen Manh Quan, the lender’s acting CEO, said: “ABBANK has always actively implemented the policies of the Government and the State Bank of Vietnam to contribute to economic recovery.

“With its development orientation as a retail bank, putting customers at the centre in all of its business activities, ABBANK pays special attention to credit solutions and specialised products for the manufacturing and trading sectors.”

This year ABBANK has also deployed other preferential lending programmes, including a VND 16 trillion programme for individuals and business households who require short-term loans to supplement working capital at preferential interest rates from only 6,86 per cent and a VND15.5 trillion programme for individuals and business households to buy fixed assets or build factories at preferential rates starting at 7.79 per cent.

ABBANK's loan outstanding was VND82.79 trillion ($3.5 billion) at the end of November, an increase of 9.44 per cent for the year.

Loans to the manufacturing and trading sectors accounted for 35.8 per cent. — VNS

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