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Banking & Finance

PM cuts interest rates on VBSP loans

Released at: 14:18, 02/06/2015

PM cuts interest rates on VBSP loans

Projects and beneficiaries of Vietnam Bank for Social Policies now subject to lower lending rates.

by Hung Nguyen

The Prime Minister has issued Decision No. 750/QD-TTg on lowering interest rates at the Vietnam Bank for Social Policies (VBSP) on certain credit projects for policy beneficiaries.

Interest rates on loans to poor household, students, and policy beneficiaries who lend money for labor exports and on lending to the National Fund for Careers will be cut from 7.2 per cent per annum (0.6 per cent per month) to 6.6 per cent per annum (0.55 per cent per month).

Rates on lending to the Project for Rural Water Supply and Sanitation and to households who manufacturing and trade in difficult regions will fall from 9.6 per cent per annum (0.8 per cent per month) to 9 per cent per annum (0.75 per cent per month).

The decision will take effect on the date of signing, June 5.

According to VBSP’s latest report, after 12 years of operations it had successfully mobilized VND136.75 trillion ($6.26 billion) as at December 31, 2014, with outstanding credit at VND129.45 trillion ($5.93 billion).

  • TAGS
  • VBSP
  • interest rate
  • PM

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