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Banking & Finance

BIDV cuts lending rates

Released at: 16:25, 29/04/2016

BIDV cuts lending rates

New rate regime targeted at assisting business activities and the market.

by Hung Nguyen

The Bank for Investment and Development of Vietnam (BIDV) has announced it will reduce its lending interest rates from April 29.

The decision was made based on a proposal from the Prime Minister and at the direction of the Governor of the State Bank of Vietnam (SBV), to support business activities and the market.

Short-term interest rates will be reduced by up to 0.5 per cent per annum for good profile customer using loan for business activities while medium and long term loans will be subject to interest rates not higher than 10 per cent per annum.

BIDV will tighten loans for real estate, build-operate-transfer (BOT) projects, and securities trading, due to the high risk inherent in such lending.

Credit will instead flow to lower risk sectors enjoying policy preferences during international integration.

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