Firms can borrow from the Small- and Medium-sized Enterprise (SME) Development Fund with a short-term interest rate of 1.2 per cent per year and a long-term interest rate of 4.4 per cent per year, effective from October 4, 2023, the Ministry of Planning and Investment announced.

According to the fund’s representatives, the preferential interest rate is aimed to implement Resolution No 105/NQ-CP dated July 15, 2023, of the Government on tasks and solutions to remove difficulties for the production and business of firms.

Besides the fund, many banks have also continued to provide loans for firms with low interest rates.

For example, from now until May 30, 2024, corporate customers borrowing capital for production and business at SHB will enjoy preferential loan interest rates from only 6.97 per cent per year. Accordingly, SHB will set aside VNĐ5 trillion with interest rates from 6.97 per cent to support firms in supplementing short-term working capital. Enterprises that enjoy the SHB’s incentives include female-owned enterprises and enterprises operating in priority fields such as agriculture, forestry, fisheries, exports, high technology, transport infrastructure, education, healthcare and green projects.

At the same time, SHB will also spend VNĐ1 trillion for corporate customers who need loans for car purchases with loan terms of 36 months or more. Based on needs and capital usage plans, customers can choose preferential interest rates from 7.5 per cent per year for the first six months or from 9 per cent per year for 12 months.

According to the State Bank of Việt Nam, deposit interest rates at the last quarter of a year in previous years often increased to attract idle capital to banks to serve the rising lending needs of people and firms for year-end, but this year is different as deposit interest rates at most banks are anchored at low levels and some even continue to decrease.

Specifically, deposit interest rates at some banks such as VPBank, ACB and Bac A Bank have continued to decrease by 0.15 - 0.3 percentage points for many terms since early this month.

The highest deposit interest rate at VPBank is only 5.5 per cent per year for 12-month and 13-month terms, instead of the previous rate of 5.8 per cent per year. Tenors from 6-9 months also decrease from 5.3 per cent per year to 5.1 per cent per year.

At ACB, the interest rate for deposits under VNĐ200 million, with a term of 6-9 months, decreases from 5-2-5.3 per cent per year to 5-5.1 per cent per year. For deposits from VNĐ200 million to less than VNĐ1 billion, the rate is added 0.1 per cent per year while for deposits of VNĐ1 billion or more, the rate is added 0.05 per cent per year. — VNS