At least 22 commercial banks in Vietnam, including wholly foreign-owned Shinhan Bank Vietnam, have committed to reducing lending rates, according to statistics from the Vietnam Banks Association (VNBA).
The reductions generally range from 1.5 to 2 percentage points per year compared with banks’ standard lending rates.
Of these institutions, 15 have announced the scale of their preferential lending packages, with a combined value of more than VND451 trillion (approximately $17 billion). This represents around 2.2% of the banking system’s total outstanding loans, which stand at VND20.72 quadrillion (more than $802 billion).
Banks are primarily prioritising short-term loans with maturities of less than six months to support production and business activities. The main beneficiaries include small and medium-sized enterprises (SMEs), household businesses and companies operating in agriculture, import-export, supporting industries, high technology, logistics, energy and infrastructure.
The commitments are intended to improve access to financing for businesses and support economic growth.
Google translate