Specifically, with secured loans for production and business purposes, customers can access capital with an interest rate from 3.99% per year for the first three months. After the preferential period, household businesses can continue to borrow capital with an interest rate margin of only 3.2%. This is an unprecedented interest rate at VPBank and is 1.5% lower than the current interest rate list.

In addition to preferential interest rates, the loan approval process within the V20000 package has been streamlined, allowing for approval within 3 minutes, with a maximum limit of 20 billion VND. It is estimated that if a household business utilizes the full 20 billion VND limit, they can save 50-75 million VND in the first 3 months – enough to reinvest in practical items such as cash registers, accounting and sales software, recruitment, or business expansion.

The V20000 loan package is designed specifically for household businesses, with many incentives. Photo: VPBank

The V20000 loan package is designed specifically for household businesses, with many incentives. Photo: VPBank

For customers without collateral, VPBank offers unsecured loans with a limit of up to 1 billion VND, with interest rates reduced by up to 2% throughout the loan term compared to existing products. It is estimated that household businesses can save about 20 million VND per year if they maximize their unsecured loan limit.

The V20000 program was developed to support household businesses in adapting to the new operating requirements under Decree 70 of the Government, which includes mandatory use of cash registers and data connection with tax authorities. This decree marks an important step in the digitization and professionalization of business operations, but also brings pressure from initial investment costs – a major barrier for many small household businesses.

Not only facing difficulties with costs, this customer group also faces challenges in accessing formal credit. Small scale of operations, lack of collateral, simple bookkeeping, and complex loan procedures are factors preventing many household businesses from accessing bank loans. The preferential interest rate policy is expected to reduce financial pressure and create momentum for household businesses to break through and transform their operations more effectively.

In particular, to accompany household businesses in the transition process, VPBank has integrated a "5-in-1" solution package, including: accounts, capital, taxes, insurance, and payment management. The bank has partnered with technology partners to sponsor 70,000 free compliance packages including e-invoice software and digital signatures, worth up to 1.2 million VND per package for eligible customers.

At the same time, customers also receive a Soundbox speaker to notify them of balance fluctuations or receive a refund of up to 400,000 VND when using this device. The bank also has an e-voucher refund program of up to 1 million VND per customer per month, depending on the frequency of transactions.

Besides financial support, VPBank organizes seminars, livestreams, and workshops to share management, accounting, and legal experience for household business customers – who often face difficulties in these areas. This activity is carried out by a team of experts from the bank and partner organizations.

With the motto "Accompanying small businesses, Steady steps towards prosperity," VPBank aims to become a companion to support household businesses in accessing capital and transforming effectively.

(Source: VPBank)

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