The four biggest State-owned banks have come together to launch preferential loan packages totaling nearly VND382 trillion ($15.98 billion).

They include Agribank, BIDV, Vietcombank, and Vietinbank.

The loan packages are offered in the context of the government and the State Bank of Vietnam (SBV) directing the banking system to identify solutions to lowering interest rates and easing production costs for enterprises.

BIDV will offer loans totaling VND70 trillion ($2.93 billion) for production and trade with an interest rate of 7 per cent per annum. VND20 trillion ($837 million) will be prioritized for green sectors.

Under Agribank’s credit package, lasting from March 15 to June 30, businesses will be offered loans totaling VND100 trillion ($4.18 billion) and $500 million with a preferential interest rate 1.5 per cent lower than the normal rate for loans in VND and 1 per cent lower for loans in US dollars.

Vietinbank, meanwhile, will provide credit of VND100 trillion ($4.18 billion) with an interest rate of 7.1 per cent.

Vietcombank has earmarked VND100 trillion ($4.18 billion) for the program, with preferential interest rates ranging from 7.5 to 8.8 per cent depending on the term.