The Viet Nam Bank for Industry and Trade (VietinBank) has reduced interest rates for short, medium and long term loans to five sectors deemed as priorities by the Government.

The decision is taken in line with the Government’s Resolution No 01/NQ-CP dated January 1, 2018, and the direction of the State Bank’s Governor.

Accordingly, as of January 11, interest rates will be cut by 0.5 per cent per year for short, medium and long term loans in Vietnamese dong to firms operating in agriculture-rural development, for-export production and business, small- and medium-sized enterprises, support industries and hi-tech production.

Start-up firms with feasible business and production plans, and household businesses that were upgraded into official firms, are also eligible to receive preferential loans.

Additionally, credit programmes with special interest rates will continue to be applied to businesses that show proper financial conditions and effective production and business activities.

Lending to the five priority sectors accounts for nearly 60 per cent of Vietinbank’s total outstanding loans, which demonstrates the bank’s leading role in carrying out policies of the Party, the Government and the State Bank, as well as in providing capital to key fields in the nation’s economy. — VNS