In early August, the State Bank of Vietnam (SBV) directed commercial banks to develop credit programs targeting economic growth drivers and small and medium-sized enterprises (SME). These programs must offer preferential interest rates at least 1% lower per year than the average lending rates for the same terms, and waive service fees if applicable.

Following this directive, state-owned banks simultaneously launched loan packages for small and medium-sized enterprises (SME) with interest rates 1-2% lower than standard loans.

Agribank's loan package totals 70 trillion VND. Vietinbank and BIDV each offer 50 trillion VND in preferential interest rate packages. These programs primarily target SME, prioritizing sectors such as: rural agriculture, high technology, exports, digital economy, artificial intelligence (AI), semiconductors, manufacturing and processing, and green projects.

Private banks have also joined. NCB uniformly reduced interest rates by 0.5% per year for all individual and corporate borrowers starting 11/8.

Similarly, from 12/8, Nam A Bank reduced interest rates for individual borrowers: 0.5-0.7% per year for business production and agriculture loans, and 0.1-0.3% per year for home purchase and consumer loans. For businesses, the total preferential interest rate package is 25 trillion VND, with reductions ranging from 0.5% to a maximum of 1.8% depending on the sector. The most significant reductions apply to agriculture, forestry, fisheries, infrastructure, and technology.

BVBank recently introduced a 2.5 trillion VND credit package, reducing interest rates by 1% for small and medium-sized enterprises (SME) and business households, bringing loan rates down to a minimum of 9.7% per year. This program prioritizes rural agriculture, supporting industries, high technology, exports, manufacturing and processing, green projects, digital economy, AI, and semiconductors.

New loan interest rates have remained high recently as deposit interest rates have continuously increased, with 9% per year becoming a common rate.

The Prime Minister is expected to chair a meeting with commercial bank chairpersons on 13/8, focusing on pressing issues such as: interest rates, credit, exchange rates, the operational safety of the banking system, and crime and cybercrime prevention and control.

Quynh Trang