HDBank is offering low-interest loans and has waived fees on international payments for businesses that supply drugs and medical equipment (Photo courtesy of HDBank) HCM City (VNA) - Anumber of commercial banks have lowered their interest rates on savingsaccounts by 0.1-0.4 percentage points in order to offer loans at alower interest rate to businesses and individuals affected by the COVID-19outbreak.
As of March 6, ABBank had lowered its interest rate on savings accounts from7.9 percent to 7.7 percent a year for 18-36 month terms. For 12-month termdeposits, the interest rate dropped by 0.2 percent to 7.6 percent peryear.
For one- to three-month term deposits, the ceiling interest rateswere adjusted from 5 percent to 4.8 percent.
For 12-month term, the interest rate on deposits made at thecounter decreased from 6.3-7 percent to 6.1-6.8 percent, depending on theamount.
In addition, as of March 3, the deposit interest rateat VPBank dropped by 0.05-0.15 percent for terms of six monthsor longer.
The 12-month term deposit interest rate has dropped to 6.9-7.1 percent(deposits made at the counter) and 7-7.1 percent per year (deposits madeonline).
VBBank’s highest deposit interest rate of 7.7 percent has dropped to 7.55 percentper year, for 18 months or longer term, with amounts over 5 billion VND.
Eximbank on February 28 also reduced deposit interest rates by 0.1-0.4percentage points.
The 36-month term deposit interest rates for customers depositing at thecounter fell from 8.4 percent to 8 percent. For 12- and 15-monthterms, the rate dropped by 0.2 percentage points to 7.4 percent and 7.8 percent,respectively.
Experts said the drop in deposit interest rates would continue asmany countries’ central banks have also done so, including theUS Federal Reserve, which cut deposit rates by 0.5 percentage points.
According to a recent report from Bao Viet Securities Joint StockCompany (BVSC), deposit interest rates have decreased slightly due to theimpact of COVID-19.
According to BVSC, because of the epidemic, demand for loans is expectedto decline. Credit in the first two months of the year increased by only0.77 percent compared to 1.07 percent in the same period last year. Thedeposit interest rates may continue to drop in the coming time, but notsignificantly.
“If the epidemic continues to affect production and serviceactivities, deposit interest rates will continue to fall so that lendinginterest rates can drop,” BVSC said.
Recently in response to the State Bank of Vietnam’s appeal, a number ofcredit institutions have announced plans to support businesses affected by thenovel coronavirus epidemic.
For example, BIDV reduced the lending interest rate by at least 1 percent peryear for loans in Vietnamese dong and 0.5 percent per year for US dollar.
At Saigon - Hanoi Commercial Joint Stock Bank, customers are entitled to areduction of lending interest rates of up to 1.5 percent per year for loans inVietnamese dong and 0.5 percent per year for US dollar loans.
Kienlongbank has cut its loan interest rate by 3 percentagepoints for farmers growing dragon fruit, watermelon, durian, jackfruit, mango,rambutan and banana between February 1 and April 30 this year. Itwill also waive penalties on overdue loans of borrowers affected by the COVID-19outbreak.
HDBank is offering low-interest loans and has waived fees oninternational payments for businesses that supply drugs and medical equipment.
In addition, ABBank has launched a loan support packagetotalling 4 trillion VND at low interest rates for affected businesses. Ithas also conducted a review of its credit portfolio, especially accountsof enterprises with trade relations with China, and will offer them timelyadvice via phone or email.
The Government plans to provide a 250 trillion VND (10.78 billion USD) low-interestcredit support package and a fiscal support package of nearly 30 trillion VNDto support individuals and businesses affected by the epidemic.
The State Bank of Vietnam has urged credit institutionsto maintain enough funds to meet credit demand and supportcustomers affected by the outbreak.
Speaking at a recent meeting, Le Minh Hung, the central bank governor, urgedbanks to keep a watch on the business situation of customers who could beaffected by the epidemic and evaluate the possible impact.
The central bank has also instructed credit institutions nationwide towork with local authorities to resolve problems faced by affectedbusinesses and borrowers./.
As of March 6, ABBank had lowered its interest rate on savings accounts from7.9 percent to 7.7 percent a year for 18-36 month terms. For 12-month termdeposits, the interest rate dropped by 0.2 percent to 7.6 percent peryear.
For one- to three-month term deposits, the ceiling interest rateswere adjusted from 5 percent to 4.8 percent.
For 12-month term, the interest rate on deposits made at thecounter decreased from 6.3-7 percent to 6.1-6.8 percent, depending on theamount.
In addition, as of March 3, the deposit interest rateat VPBank dropped by 0.05-0.15 percent for terms of six monthsor longer.
The 12-month term deposit interest rate has dropped to 6.9-7.1 percent(deposits made at the counter) and 7-7.1 percent per year (deposits madeonline).
VBBank’s highest deposit interest rate of 7.7 percent has dropped to 7.55 percentper year, for 18 months or longer term, with amounts over 5 billion VND.
Eximbank on February 28 also reduced deposit interest rates by 0.1-0.4percentage points.
The 36-month term deposit interest rates for customers depositing at thecounter fell from 8.4 percent to 8 percent. For 12- and 15-monthterms, the rate dropped by 0.2 percentage points to 7.4 percent and 7.8 percent,respectively.
Experts said the drop in deposit interest rates would continue asmany countries’ central banks have also done so, including theUS Federal Reserve, which cut deposit rates by 0.5 percentage points.
According to a recent report from Bao Viet Securities Joint StockCompany (BVSC), deposit interest rates have decreased slightly due to theimpact of COVID-19.
According to BVSC, because of the epidemic, demand for loans is expectedto decline. Credit in the first two months of the year increased by only0.77 percent compared to 1.07 percent in the same period last year. Thedeposit interest rates may continue to drop in the coming time, but notsignificantly.
“If the epidemic continues to affect production and serviceactivities, deposit interest rates will continue to fall so that lendinginterest rates can drop,” BVSC said.
Recently in response to the State Bank of Vietnam’s appeal, a number ofcredit institutions have announced plans to support businesses affected by thenovel coronavirus epidemic.
For example, BIDV reduced the lending interest rate by at least 1 percent peryear for loans in Vietnamese dong and 0.5 percent per year for US dollar.
At Saigon - Hanoi Commercial Joint Stock Bank, customers are entitled to areduction of lending interest rates of up to 1.5 percent per year for loans inVietnamese dong and 0.5 percent per year for US dollar loans.
Kienlongbank has cut its loan interest rate by 3 percentagepoints for farmers growing dragon fruit, watermelon, durian, jackfruit, mango,rambutan and banana between February 1 and April 30 this year. Itwill also waive penalties on overdue loans of borrowers affected by the COVID-19outbreak.
HDBank is offering low-interest loans and has waived fees oninternational payments for businesses that supply drugs and medical equipment.
In addition, ABBank has launched a loan support packagetotalling 4 trillion VND at low interest rates for affected businesses. Ithas also conducted a review of its credit portfolio, especially accountsof enterprises with trade relations with China, and will offer them timelyadvice via phone or email.
The Government plans to provide a 250 trillion VND (10.78 billion USD) low-interestcredit support package and a fiscal support package of nearly 30 trillion VNDto support individuals and businesses affected by the epidemic.
The State Bank of Vietnam has urged credit institutionsto maintain enough funds to meet credit demand and supportcustomers affected by the outbreak.
Speaking at a recent meeting, Le Minh Hung, the central bank governor, urgedbanks to keep a watch on the business situation of customers who could beaffected by the epidemic and evaluate the possible impact.
The central bank has also instructed credit institutions nationwide towork with local authorities to resolve problems faced by affectedbusinesses and borrowers./.
VNA
